-Caveat Lector-
Begin forwarded message: Date: August 17, 2005 4:10:46 AM PDT Subject: Chase/Enron settlement
Subject: Chase/Enron settlement
Rockefeller’s JP Morgan/Chase Bank was Hitler’s biggest supporter, Bush’s biggest supporter, Giuliani’s biggest supporter and the bank that brought us ENRON.....................Chase also brought us The Manhattan Institute and the Central Park Conservancy
Reuters 8/16/05
JPMorgan in $1 bln Enron settlement
NEW YORK (Reuters) - JPMorgan Chase & Co. (NYSE: JPM -news ) agreed to a roughly $1 billion settlement to resolve claims it helped Enron Corp. commit accounting fraud, leading to the energy trader's 2001 bankruptcy, Enron said on Tuesday.
The terms call for the No. 3 U.S. bank to pay $350 million in cash, and to subordinate or pay for claims totaling another $660 million. Enron valued the settlement at about $1 billion.
The settlement is the largest of five that the Enron estate has reached in the "Megaclaims" litigation against 10 banks, and the first with a U.S. bank. In June, JPMorgan agreed to pay $2.2 billion to resolve investor claims that it helped Enron hide debt and inflate its results.
Separately on Tuesday, Enron said Toronto-Dominion Bank (Toronto: TD.TO -news ) agreed to pay $70 million in cash to resolve its portion of the litigation. Banks that have settled with Enron so far have agreed to pay about $735 million in cash, Enron said. The settlements require bankruptcy court approval.
JPMorgan Chief Executive William Harrison "we have put behind us another significant piece of our Enron exposure."
TD Chief Executive Ed Clark said the settlement will help his bank avoid the time, cost and uncertainty of litigation.
Other banks to settle with Enron include Canadian Imperial Bank of Commerce (Toronto: CM.TO -news ), which agreed to pay $250 million; Royal Bank of Scotland Group Plc (RBS.L), which will pay $41.8 million, and Royal Bank of Canada (Toronto: RY.TO -news ), which will pay $25 million.
Banks that have yet to settle include Barclays Plc (BARC.L), Citigroup Inc. (NYSE: C-news ), Credit Suisse First Boston (CSGN.VX), Deutsche Bank AG (DBKGn.DE) and Merrill Lynch & Co. (NYSE: MER-news )
Among the larger Enron settlements with investors, CIBC agreed to pay $2.4 billion, and Citigroup about $2 billion.
JPMorgan said its settlement will not materially hurt earnings. TD Bank increased its litigation reserve by $300 million, resulting in a C$238 million charge. It remains a defendant in a class-action lawsuit over Enron's collapse.
Enron's December 2001 bankruptcy filing was the largest ever at the time. The company emerged from Chapter 11 late last year, and is liquidating its remaining assets to pay debts.
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