December 19, 2007 |
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.
November 29, 2007 |
Three British bankers who were set to go to trial for their roles in a fraudulent scheme with former Enron Corp. Chief Financial Officer Andrew S. Fastow changed their pleas to guilty Wednesday. David Bermingham, Giles Darby and Gary Mulgrew originally pleaded not guilty to seven counts of wire fraud. Prosecutors alleged that they colluded with Fastow in a secret financial scam in 2000 to enrich themselves at their employers' expense.
November 16, 2007 |
A judge says the federal government can proceed with its attempt to seize nearly $13 million from the estate of Enron Corp. founder Kenneth L. Lay. U.S. District Judge Ewing Werlein rejected a request from Lay's widow to halt the government's bid for the money, which prosecutors claim were "proceeds of the fraud proven in the criminal case against Lay." Kenneth Lay had been convicted in May 2006 of 10 counts of fraud, conspiracy and lying to banks in two separate cases.
September 8, 2007 |
Imprisoned former Enron Chief Executive Jeffrey K. Skilling asked Friday for a new trial, saying the Justice Department used incorrect legal theories and "coercive and abusive tactics" to win a conviction, including threatening witnesses. Skilling was sentenced in October to more than 24 years in prison for his role in the collapse of Enron Corp. He was convicted along with founder Kenneth L. Lay in May 2006, on 19 counts of fraud, conspiracy, insider trading and lying to auditors.
July 28, 2007 |
Lawyers who recovered about $7.2 billion in settlements for Enron Corp. investors hurt by the energy trader's collapse are slated to get about $700 million in fees under a plan to distribute the money. Officials of the University of California Regents, the lead plaintiffs in the securities-fraud case, said they would ask a judge in Houston to approve the plan so they could begin paying out funds from settlements with Enron's former lenders.
June 21, 2007 |
Jeffrey McMahon, the former chief financial officer of Enron Corp., has agreed to pay $300,000 to settle fraud charges, the Securities and Exchange Commission said. McMahon also agreed to be barred from serving as an officer or director of a public company for five years, the SEC said. He agreed to the settlement without admitting or denying the charges.