Quick Hits: Bank of America, JPMorgan, Others to Pay $7.2 Billion for Enron Fraud
In a new settlement Enron investors will receive $7.2 billion in damages part of which will be shelled out by banks that allegedly participated in the accounting fraud that led to the energy company's collapse. The settlement has accrued interest since 2002 and includes $688 million in attorneys fees. Under the terms of the deal investors will receive an average of $6.79 per share of common stock and an average of $168.50 per share of preferred stock. To receive part of the settlement investors must have bought Enron shares between September 9 1997 and December 2 2001. About 1.5 million individuals ...
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