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