Wednesday, August 3, 2005

CIBC to pay $2.4B in Enron case - Settlements total 7.1 Billion

Canadian Imperial Bank of Commerce agreed Tuesday to pay $2.4 billion to Enron investors who claimed the financial services company took part in a massive accounting fraud that led to the collapse of the energy giant.

The settlement with CIBC is the largest single action so far on behalf of Enron stock and bond holders, and brings the total payments in the case to $7.1 billion, making this the biggest class-action recovery ever.
Post a Comment