Two banks agreed on Tuesday to pay at least $420 million to settle their parts of the "Megaclaims" lawsuit filed by Enron against 10 banks, alleging they "aided and abetted fraud" and could have prevented the energy trader's collapse. JPMorgan Chase & Co. agreed to pay $350 million in cash to Enron and Toronto Dominion Bank agreed to pay $70 million. The companies also will forgo certain claims in Enron's bankruptcy proceedings while agreeing to pay more money to Enron for the ability to pursue others.
August 17, 2005 at 12:00 AM
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The original version of this story was published on Law.Com
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