UBS Agrees to $115M Enron Payment

The Enron Creditors Recovery Corporation, formerly known as the Enron Corp., announced on Wednesday that the investment bank UBS had agreed to pay $115 million to settle litigation over the collapse of Enron, The Associated Press reported.

As part of the settlement, UBS will withdraw its claim for about $5 million against Enron. UBS had contended that as an investor in Enron, it had lost the money as a result of the company's collapse, the AP reported.

The settlement remains subject to the approval of the Federal Bankruptcy Court for the Southern District of New York, the AP reported.

UBS was one of several financial institutions accused of helping Enron create financial structures that hid the company's true financial condition. Last week, Credit Suisse agreed to pay $61.5 million to settle litigation, the AP reported.- New York State Society of Certified Public Accountants

Alla's picture

Posted June 8th, 2007 by Alla

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