Banks To Pony Up Another $6.6B For Enron Settlement

A day before the guilty verdicts of former Enron executives Jeffery Skilling and Kenneth Lay, a federal judge in Houston has approved a civil settlement that would add $6.6 billion to the pot intended for repaying shareholders hurt by the energy giant’s collapse.

A day before the guilty verdicts of former Enron executives Jeffery Skilling and Kenneth Lay, a federal judge in Houston has approved a civil settlement that would add $6.6 billion to the pot intended for repaying shareholders hurt by the energy giant’s collapse. Under the latest settlement, Canadian Imperial Bank of Commerce will pay $2.4 billion; JPMorgan Chase, $2.2 billion; and Citigroup, $2 billion. In an earlier settlement, several companies, including Bank of America and Lehman Brothers contributed a total of about $600 million.