Two banks agreed on Tuesday to pay at least $420 million to settle their parts of the “Megaclaims” lawsuit filed by Enron against 10 banks, alleging they “aided and abetted fraud” and could have prevented the energy trader’s collapse.
JPMorgan Chase & Co. agreed to pay $350 million in cash to Enron Corp. and Toronto Dominion Bank agreed to pay $70 million. The companies also will forgo certain claims in Enron’s bankruptcy proceedings while agreeing to pay more money to Enron for the ability to pursue others.
View this content by subscribing
Please register to unlock this content
I already have an account. Log in
