JP Morgan Chase reaches $1bn Enron settlement
Another banking giant settles with Enron
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.