< Dan Duncan gives $35 million to Baylor College of Medicine | Main | Best of Houston: Best Blog >
September 23, 2004
Lehman Brothers settling Enron claims
The Wall Street Journal ($) is reporting today that brokerage house Lehman Brothers Holdings Inc. is close to a $220 million settlement to resolve a class-action lawsuit alleging that it and other big brokerage firms participated in a scheme with Enron Corp. executives to mislead shareholders. Lehman's propoed settlement follows a similar settlement in July in which Bank of America Corp. agreed to pay $69 million to settle similar allegations.
Bank of America and Lehman were underwriters in just a handful of Enron-related deals, so attorneys involved in the case believe their roles (and thus their settlement payments) are small in comparison to firms like Citigroup Inc. and J.P. Morgan Chase & Co. who did more Enron-related deals. Citigroup and J.P. Morgan are among the firms that have reserved billions of dollars to cover Enron-related exposure.
Posted by Tom at September 23, 2004 07:04 AM
Trackback Pings
TrackBack URL for this entry:
http://mtcgi.kir.com/mt-trackbk.cgi/1161
Comments
Post a comment
Thanks for signing in, . Now you can comment. (sign out)
(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)