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Enron Business Settlements Continue

The downfall of Enron was a shock to millions of people around the globe. Considering the massive illegalities that the business commited, and the fact that major banking groups were involved with the action, it is not surprising that hundreds of people were financially affected. Although plenty of people ended up in jail, financial compensation for shareholders has yet to be paid. However, thanks to a recent trial, a small percentage of the billions lost by business people will be returned.

A judge approves a $6.6 billion settlement to Enron shareholders who accused three banks of helping the company hide financial irregularities.
The Associated Press reports Canadian Imperial Bank of Commerce will pay $2.4 billion, JP Morgan Chase will pay $2.2 billion, and Citigroup will pay $2 billion. When added to earlier settlement agreements with banks such as Lehman Brothers and Bank of America, shareholders will now be paid more than $7.2 billion of the $40 billion they claim was lost in Enron`s business collapse.

Lead shareholder attorney William Lerach says a civil suit against Enron, its banks and top executives will begin in October. He says he is not clear whether other banks will settle shareholder suits before the trial. He says plaintiffs will be sent payments from the banks as soon as possible. Hopefully, after the civil suit is over, these shareholders will see a bigger return on their business losses.