You are viewing an obsolete version of the DU website which is no longer supported by the Administrators. Visit The New DU.
Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Reply #14: Merrill Lynch Settles an Enron Fraud Lawsuit for $29.5 Million [View All]

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Latest Breaking News Donate to DU
UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-07-06 06:42 AM
Response to Reply #6
14. Merrill Lynch Settles an Enron Fraud Lawsuit for $29.5 Million
http://www.nytimes.com/2006/07/07/business/07enron.html...

(free registration or try www.bugmenot.com )

HOUSTON, July 6 — Merrill Lynch agreed on Thursday to pay the Enron Corporation $29.5 million to settle its portion of a lawsuit filed against 10 banks accused of failing to prevent Enron's collapse.

Merrill Lynch — which did not admit or deny wrongdoing — said it settled the so-called mega-claims lawsuit to avoid the costs and uncertainties of more litigation.

Merrill Lynch also agreed to give up collection of $73.7 million in claims against what is left of Enron but could receive about $10 million in other claims that were outside the settlement, according to an Enron spokeswoman.

In 2003, Merrill Lynch paid the Securities and Exchange Commission $80 million to settle civil charges that the firm participated in Enron's bogus sale of floating power plants, which made it appear that Enron had met its goals for earnings in 1999.

...more...
Printer Friendly | Permalink |  | Top
 

Home » Discuss » Latest Breaking News Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC