Bank pays out to resolve lawsuit arising from bankruptcy, but continues to face class action
Accountancy Age, 06 Nov 2006
Barclays has agreed to pay $144m (£76m) to extract itself from an Enron lawsuit.
The energy giant had been claiming that the bank owed it $144m, whilst Barclays claimed Enron owed it $310m. A bankruptcy court will now decide how much, if any of the $310m Barclays is owed, the Guardian reported.
The dispute arose as a result of outstanding transactions at the time of Enron's collapse.
There are separate class action proceedings from Enron shareholders in relation to Barclays too, which have yet to be resolved.
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