Murtha, Cullina LLP

Hartford, CT: (Mar-30-07) A settlement was reached between the Connecticut Resources Recovery Authority (CRRA) and Murtha, Cullina LLP, the law firm that advised CRRA in its failed deal with Enron. In 2000, Enron and CRRA entered into an agreement that required Enron to buy power produced at the Mid-Connecticut Project trash-to-energy facility and pay CRRA $2.375 million per month over more than 11 years. As part of the deal, CRRA transferred $220 million to Enron, part of a $280 million payment from Connecticut Light & Power to the CRRA to buy down its contract to buy Mid-Connecticut Project electricity. Enron went bankrupt in 2001, just nine months after the agreement took effect, and stopped making payments. The settlement involves Murtha, Cullina LLP paying CRRA $16.25 million for failing to recognize the deal's flaws. [LEGAL NEWSLINE: ENRON DEAL]

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Published on Apr-3-07