News that JPMorgan Chase & Co. and Citigroup will pony up a collective $4.2 billion to make a conglomeration of Enron Corp. shareholder lawsuits go away lights a fire under other defendants, say legal experts. JPMorgan Chase announced Monday it would pay $2.2 billion to settle allegations that the bank colluded with Enron to skirt accounting rules when the energy company counted loans as income to puff up reported earnings. Last week, Citigroup said it would pay $2 billion to settle similar allegations.
June 16, 2005 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
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