BusinessCompany NewsBank settles with SEC over Enron

Bank settles with SEC over Enron

Merrill Lynch, the global investment bank, has agreed to pay $80m (£50m) to the Securities & Exchange Commission, following its investigation of transactions between the bank and the bankrupt energy trader.

Link: FRRP unlikely to spot ‘UK Enron’

According to reports, the bank has agreed to pay the amount, subject to authorisation by the SEC, without admitting or denying any wrongdoing.

The SEC investigation, which was examining two transactions between Merrill Lynch and Enron in 1999, would then be concluded.

The payment would be made up of disgorgement, penalties and interest and would be recorded in its fourth quarter 2002 results.

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