TITLE

JP Morgan: Enron aftershocks rumble on

PUB. DATE
August 2005
SOURCE
MarketWatch: Global Round-up;August 2005, Vol. 4 Issue 8, p110
SOURCE TYPE
Market Research Report
DOC. TYPE
Article
ABSTRACT
This article reports that JPMorgan Chase & Co. has agreed to pay former Enron Corp. shareholders $2.2 billion, marking the second such settlement in under a week. This move, a significant step towards resolving outstanding issues in the Enron scandal, highlights JPMorgan's fear of large-scale legal action and the growing need for directors' and officers' insurance. The move follows hot on the heels of Citigroup Inc.'s announcement that it would pay $2 billion to settle claims arising from its involvement in Enron's collapse. Both banks, as well as a number of other financial institutions, were implicated in a $30 billion suit that alleges they played a role in concealing Enron's debts to artificially inflate revenues.
ACCESSION #
18835422

 

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