RBS unlikely to recover Enron claims

RBS unlikely to recover Enron claims

A US lawyer investigating the Enron collapse has cast doubt over whether the Royal Bank of Scotland will be able to recover $537m (£316m) in debts from the disgraced energy trader.

Link: Enron creditors boosted by utility sale

A report by Neal Batson, the lawyer appointed by US bankruptcy authorities, said that: ‘RBS’ claims in the bankruptcy case, totalling approximately $537m, are susceptible to being equitably subordinated to the claims of other creditors.’

The report also states that there is ‘sufficient evidence of inequitable conduct’ by the bank to render its claims on Enron subordinate to claims from other parties.

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