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Deutsche Bank to pay Enron

In Brief / COURTS

December 19, 2007|From Times Wire Services

Deutsche Bank agreed to pay Enron Corp. $25 million and to give up $416 million in unsecured claims to resolve litigation filed by the defunct energy trader during its bankruptcy.

In exchange, Enron won't dispute $378 million in unsecured claims the German bank has against it. Deutsche Bank also accepted $35 million to surrender its interests in three transactions. The proceeds, expected to exceed $100 million, will be distributed to Enron's creditors.

Enron filed the so-called mega-claims case seeking to hold banks liable for roles it says they played in the fraud that destroyed the company.

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