Credit Suisse settles with Enron for $61.5M

Credit Suisse will pay Enron Corp. creditors $61.5 million in cash to settle a lawsuit over equity transactions, according to published reports.
Enron’s complaints against Credit Suisse included “claims asserting preferences, fraudulent transfers and/or conveyances and recovery pursuant to other applicable federal and state law,” the AP reported.
Credit Suisse has not admitted any wrongdoing.
The settlement, which is subject to approval from the U.S. Bankruptcy Court in the Southern District of New York, could resolve bankruptcy proceedings involving the Swiss bank, the Associated Press said.
In a separate matter, Credit Suisse paid Enron (now known as Enron Creditors Recovery Corp.), $90 million to settle accusations that it helped the company commit fraud, Reuters reported.
Two equity cases against Bear Stearns Cos and UBS AG are still pending.

Related Topics: Legal Proceedings