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Citi Settlement Ends Enron Creditors' 'Mega Claims' Suit
Summary from United States, from articles in English
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A federal appeals court yesterday thwarted attempts by a group of Enron investors to sue investment banks over their role in the Houston energy trader's collapse, giving Wall Street a powerful weapon to defend itself against future claims. (article 3)
Securities regulators yesterday sued two former Enron Corp. lawyers for allegedly participating in the devastating fraud and helping other executives at the Houston energy trader to mislead investors about financial setbacks and stock sales. (article 1)
SEC officials are seeking financial penalties and orders that would bar the men from serving as officers or directors of a publicly traded company. (article 1)
Citi was the last remaining defendant in what was known as the Mega Claims lawsuit, a bankruptcy suit filed in 2003 against 11 banks and brokerages. (article 4)
The filer, called Enron Creditors Recovery Corp., alleged that with the help of banks like Citi, Enron kept creditors in the dark about the company's financial troubles by using shady accounting. (article 4)
Yesterday's settlement, plus previous bank settlements and Enron's subsequent release of $1.7 billion held in reserves, gives those creditors more than $5 billion, Enron said. (article 4)
Enron investors won final approval of a $72.5 million settlement resolving claims against Arthur Andersen (article 2)
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Event tracking:
Story keywords
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Enron, Citi, Creditors, Andersen, Mintz |
Source articles
- SEC Accuses 2 Former Enron Lawyers of Assisting the Fraud (Washington Post, 06/17/2008, 375 words)
- Arthur Andersen Settlement Approved for Enron Investors (Washington Post, 06/17/2008, 418 words)
- Investors Defeated In Enron Decision (Washington Post, 06/17/2008, 659 words)
- Citi Settlement Ends Enron Creditors' 'Mega Claims' Suit (Washington Post, 06/17/2008, 326 words)
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blaster@cs.columbia.edu
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