8-2-05 - The biggest settlement yet is being announced today over the Enron collapse. Houston-based Enron filed for Chapter Eleven bankruptcy protection in late 2001.
William Lerach is a class-action lawyer representing the University of California. He says the latest agreement will bring the total settlements thus far to about seven billion dollars.
Further details were expected to be released later today.
Major defendants that have yet to settle include Barclays PLC, Credit Suisse First Boston, Merrill Lynch, Toronto Dominion Bank, Royal Bank of Canada, Deutsche Bank AG and the Royal Bank of Scotland.
JPMorgan Chase and Citigroup have already come to an agreement
with about 50,000 holders of Enron stocks and bonds who filed
claims in the class-action lawsuit.
Those companies settled for a combined $4.2 billion -- without acknowledging any wrongdoing.