Judge Approves $6.6B Enron Settlement

Law360, New York (May 24, 2006, 12:00 AM EDT) -- Three banks will pay $6.6 billion to settle charges that they helped now-defunct Enron Corp. camouflage losses, bringing the total settlement value in the Enron case to a whopping $7.3 billion.

The settlement, reached last year but approved this week by U.S. District Court Judge Melinda Harmon, brings an end to the civil litigation against the Canadian Imperial Bank of Commerce, JPMorgan Chase & Co. and Citigroup Inc.

The banks were named as defendants in the 2002 class action suit that claimed Enron’s underwriters aided the...
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