BusinessCompany News$350m Enron insurance cover ‘invalidated’

$350m Enron insurance cover 'invalidated'

Enron executives have been sent reeling after two of its leading insurers invalidated a total of $350m of insurance cover due to 'material misrepresentations' by the company.

The US executives were told by Royal Insurance Company of American and St Paul Mercury Insurance that they would not pay Enron’s legal costs.

The report in the Daily Telegraph, follows Enron auditor Andersen, issuing an official statement following the revelation the firm’s US arm had a $260m damages settlement offer rejected by Enron shareholders.

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