LAWSUITS NEWS & LEGAL INFORMATION
Credit Suisse
Houston, TX: (Jun-01-07) Enron Creditors Recovery Corp., formerly known as Enron Corp., had filed lawsuits against Credit Suisse, UBS AG, Bear, Stearns & Co. Inc., and several other banking institutions over the bankruptcy of the former energy trading giant. Enron, once the nation's seventh-largest company, entered bankruptcy proceedings in December 2001 after accounting tricks could no longer hide billions in debt or make failing ventures appear profitable. The collapse wiped out thousands of jobs, more than $60 billion in market value and more than $2 billion in pension plans. The suit claimed that Credit Suisse was one of the groups of financial institutions accused of helping Enron create financial structures that hid the company's true financial condition and hence had the responsibility of sharing in its fiscal losses.
In a settlement reached Credit Suisse has agreed to pay $61.5 million to settle litigation over Enron's bankruptcy claims. The litigation against UBS AG, and Bear, Stearns & Co. Inc. is still pending. [HOUSTON CHRONICLE: ENRON SETTLEMENT]
Published on Jun-4-07
In a settlement reached Credit Suisse has agreed to pay $61.5 million to settle litigation over Enron's bankruptcy claims. The litigation against UBS AG, and Bear, Stearns & Co. Inc. is still pending. [
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