Thursday, July 06, 2006

Merrill Lynch Settles Enron Bankruptcy Claims

According to press reports here (AP via Yahoo! Finance) and here (MarketWatch) Merrill Lynch & Co. will pay $29.5 million to settle claims asserted against it by Enron Corp. as part of the so-called MegaClaims litigation in the bankruptcy court.

In addition, Merrill Lynch agreed to drop approximately $74 million of claims that it had asserted in the bankruptcy proceeding against the Enron estate.

Merrill Lynch remains a defendant in the Enron securities class action, currently pending in the Southern District of Texas and set for trial on October 16, 2006.

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