Thursday, September 11, 2008

$7.2 Billion Enron Settlement Largest in Securities Fraud History

By Chris Thompson
Thu, Sep 11, 2008 at 8:10 AM

Good news for the University of California. JP Morgan, Citigroup, the Canadian Imperial Bank of Commerce, Bank of America, and a host of other financial institutions have agreed to pay Enron shareholders a whopping $7.2 billion for aiding and abetting in the energy company's fraud. According to the Houston Chronicle, the law firm of Coughlin Stoia certainly cashed in, receiving a $688 million fee for its role in securing the settlement. But as one of the largest Enron shareholders, as well as the lead plaintiff in the suit, the UC system will also get a significant piece of the pot; just how much is unclear so far.

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