JP Morgan Chase reaches $1bn Enron settlement

JP Morgan Chase has agreed to pay $1bn (£550m) to settle claims brought
against it by Enron, after the collapsed oil giant claimed that a number of
banks had helped its former management team commit fraud.

The bank will pay $350m to Enron’s estate and will waive claims that Enron
owes money from unpaid loans.

Citigroup, the world’s largest banking group, has previously agreed to pay
$2bn to investors who lost out as a result of Enron’s collapse.

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