FTSE100 bank avoids $1bn censure as US court dismisses Enron claims
Accountancy Age, 21 Jul 2006
Barclays has avoided the possibility of incurring a $1bn (£538m) hit for its involvement with Enron.
The banking group was facing claims from Enron shareholders who a filed a class action against Enron, its banks and former executives. Barclays had performed investment banking work for Enron.
In a statement released today Barclays said: 'Barclays yesterday received an order from the US District Court for the Southern District of Texas Houston Division which has dismissed the claims against Barclays in the Enron class action'.
Unless the plaintiffs successfully challenge the order the litigation will be over.
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