In the same week that former Enron bosses were found guilty of fraud and
conspiracy, shareholders of the collapsed company have been awarded a $6.6bn
(£3.5bn) payout, following a settlement reached with three banks.
The settlements include $2.4bn (£1.28bn) from Canadian Imperial Bank of
Commerce, $2.2bn (£1.17bn) from JP Morgan Chase and $2bn (£1bn) from Citigroup.
This brings the total amount of money returned to shareholders to about $7.2bn
(£3.85bn), when settlements with Lehman Brothers and Bank of America are
Around 50,000 shareholders held Enron securities between September 1997 and
December 2001 and are estimated to have collectively lost $40bn (£21bn) when the
Banks that have yet to settle include UK banks, Barclays and the Royal Bank
of Scotland as well as Merrill Lynch, Credit Suisse, Toronto-Dominion Bank and
the Royal Bank of Canada.
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