Swiss bank to pay Enron $90 million

[lovuian]

http://feeds.bignewsnetwork.com/?sid=af008f7fd8ed2e3c

Switzerland's second largest bank, Credit Suisse, has agreed to pay Enron Corporation $90 million.

The payment is to settle claims Credit Suisse's U.S. subsidiaries aided and abetted fraudulent activity by Enron.

'We are pleased to announce that Credit Suisse has entered into an agreement in principle with the bankruptcy estate of Enron Corporation and its affiliates to resolve claims asserted by Enron against all named Credit Suisse First Boston and Donaldson Lufkin & Jenrette entities in the so-called 'megaclaim' litigation pending in the U.S. Bankruptcy Court for the Southern District of New York,' the company said in a statement Wednesday.

Under the settlement, Credit Suisse will pay $90 million and Enron will allow US$92 million in bankruptcy claims that Credit Suisse no longer holds. The remainder of Credit Suisse's claims in the Enron bankruptcy will be equitably subordinated
more...
Enron had lots of friends in its fraud game!!! You play you pay!!!

[peacetalksforall]

1. Can someone translate? Have all the employees and those whose

pensions disappeared with the Enron crime been paid back?

[Sadie5]

2. What happened with the trial

Is the jury still out?

[SoCalDem]

5. Pensioners and employees are at the back of the line

They will see little if any money.. A class action suit where the lawyers get millions and the pensioners get a check for $14.58 would likely be the outcome of any suit..

We once got a settlement check on a class action suit against State Farm.. the suit ran for years and in the end we got a check for $0.98.... Nice, eh? We laughed at the fact that it cost MORE than 98 cents to ISSUE the damned checks :)

[Up2Late]

3. This story is from Yesterday, not LBN. Here's the Reuters report.

<http://today.reuters.com/news/newsArticle.aspx?type=businessNews&storyID=2006-05-09T225501Z_01_N09356007_RTRUKOC_0_US-ENERGY-ENRON-CREDITSUISSE.xml&archived=False>

Credit Suisse to settle Enron claims for $90 mln

Tue May 9, 2006 6:55pm ET9

By Jonathan Stempel

NEW YORK (Reuters) - Credit Suisse Group Inc. (CSGN.VX: Quote, Profile, Research) will pay $90 million to Enron Corp. to settle claims that it helped the energy trader commit fraud, Enron said on Tuesday.

Houston-based Enron has now settled with at least six banks in its "MegaClaims" litigation. It accused the banks of helping prior management hide debt and inflate results, contributing to the company's December 2001 bankruptcy.

Enron said Credit Suisse's payout is lower than payouts by some other banks because it was involved in fewer transactions with the company. Credit Suisse confirmed the settlement, and did not admit wrongdoing. It said it has set aside enough money for the payment.

Enron said it will allow $92 million of Credit Suisse's claims, and that another $237 million of claims will be subordinated, and receive no distribution from Enron's estate.

(more at link)

<http://today.reuters.com/news/newsArticle.aspx?type=businessNews&storyID=2006-05-09T225501Z_01_N09356007_RTRUKOC_0_US-ENERGY-ENRON-CREDITSUISSE.xml&archived=False>

[Ilsa]

4. I bet it'll go to some corporate debt collecting companies who

bought ENRON paper for pennies. Anyone holding stock, even employees, will be SOL I bet. I jsut hope Lay, Skilling, and Fastow don't see a penny.