Merrill Lynch & Co. on Thursday agreed to pay Enron Corp. $29.5 million to settle its portion of the so-called MegaClaims lawsuit, filed against 10 banks accused of failing to prevent the energy company's collapse. Merrill Lynch also agreed to give up collection of $73.7 million in claims against what's left of Enron, according to an Enron spokeswoman. Last year, four other banks involved in the MegaClaims cases agreed to pay Enron a combined total of $760 million.
July 07, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Merrill Lynch & Co. on Thursday agreed to pay Enron Corp. $29.5 million to settle its portion of a lawsuit filed against 10 banks accused of failing to prevent the energy company’s collapse.
The New York-based securities firm — which did not admit or deny wrongdoing — said it settled the so-called MegaClaims lawsuit to avoid the costs and uncertainties of more litigation.
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