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

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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

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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.

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