Former Enron executives Kenneth Lay and Jeffrey Skilling were found guilty of conspiracy and fraud in the Enron case. The jury reached the verdicts on the sixth day of deliberations.

Skilling was found guilty on 19 counts of conspiracy, fraud, false statements and insider trading and not guilty on 8 other counts of insider trading. Lay was found guilty on all six counts of conspiracy and fraud. In a separate bench trial, Lay was found guilty on four counts of fraud and false statements. Both face 20 to 30 years in prison.

Sentencing has been set for the week of September 11. Lay was ordered to surrender his passport and post a cash bond.

The trial began January 31, after a 4 and Ω year long government investigation.

For more information, visit the CNNMoney article here: http://money.cnn.com/2006/05/25/news/newsmakers/enron_verdict/index.htm?cnn=yes

Ray

Credit Suisse to Pay $90M, Drop Bankruptcy Claims in Enron Settlement

Switzerland's Credit Suisse group has agreed to settle its part in a lawsuit in the Enron debacle. The group will pay $90M and also withdraw millions in bankruptcy claims. The lawsuit names nine other banks and 100 other financial institutions and trusts. The U.S. Bankruptcy Judge will have to approve this settlement

"Enron's complaint, which spans 500 pages and sets out 76 counts of alleged wrongdoing, has been pending in the U.S. Bankruptcy Court for the Southern District of New York since September 2003. The company filed its bankruptcy petition in that court in December 2001."

The full article will be available on the Web for a limited time:

http://news.lp.findlaw.com/andrews/bf/bnk/20060519/20060519enronmega.html
(full article)

Pam