LAWSUITS NEWS & LEGAL INFORMATION
UBS
New York, NY: (Jun-06-07) Enron Creditors Recovery Corp. filed charges against UBS in 2003 related to equity derivative contract payments that Enron sought to recover from UBS. UBS entered into an agreement with Enron Creditors Recovery Corp., settling litigation without any admission of liability. It claimed that it had valid defenses to all of Enron's claims, but chose to settle this case to eliminate the uncertainty created by the proceeding.
As part of the negotiated settlement, UBS will pay Enron $115 million and will waive a proof of claim for approximately $5.5 million that UBS filed in Enron's bankruptcy case. The settlement is subject to the approval of the US Bankruptcy Court for the Southern District of New York. Enron commenced this case in November 2003 to recover payments totaling approximately $418.3 million that were made during 2001 pursuant to swap agreements indexed to Enron's common stock and forward contracts in which UBS had agreed to sell and Enron had agreed to buy Enron stock. [BUSINESS WIRE: UBS ENRON STOCK]
Published on Jun-7-07
As part of the negotiated settlement, UBS will pay Enron $115 million and will waive a proof of claim for approximately $5.5 million that UBS filed in Enron's bankruptcy case. The settlement is subject to the approval of the US Bankruptcy Court for the Southern District of New York. Enron commenced this case in November 2003 to recover payments totaling approximately $418.3 million that were made during 2001 pursuant to swap agreements indexed to Enron's common stock and forward contracts in which UBS had agreed to sell and Enron had agreed to buy Enron stock. [BUSINESS WIRE: UBS ENRON STOCK]
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