Credit Suisse to pay $61.5 mln in Enron case
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Credit Suisse Group Inc.  will pay Enron Corp. creditors $61.5 million to settle a lawsuit related to equity transactions, the successor to the bankrupt energy trader said on Friday.
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A former assistant treasurer Enron Corp. was charged Tuesday with conspiracy for allegedly helping make the energy company&#39;s financial picture appear rosier than it really was.
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The first criminal trial stemming from the financial dealings at Enron ended yesterday with a raft of convictions, as a federal jury found that five defendants, including four former executives
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The first criminal trial to emerge from Enron Corp.&#39;s spectacular scandal &quot;is a case about cheating and lying&quot; with Wall Street&#39;s help, a prosecutor said Tuesday.
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(InfoWorld) - Kenneth Rice, former CEO of Enron Broadband Services (EBS), has been sentenced to 27 months in prison on securities fraud charges and ordered to turn over about $15 million, the U.S. Department of Justice announced Monday. The $15 million will go to victims of the fraud at Enron, the Texas energy company that filed for bankruptcy in December 2001 before investigations revealed widespread accounting fraud. Rice and others at EBS, a unit of Enron, made a series of false statements about the products and business performance in order to mislead investors about the success of the company and inflate the price of Enron's stock, the DOJ said in a press release. Rice was sentenced Monday by Judge Vanessa Gilmore at U.S. District Court for the Southern District of Texas in Houston. Rice pleaded guilty in July 2004 to a securities fraud charge and cooperated with the DOJ's investigation into the collapse of Enron. While serving as CEO at EBS, Rice conspired with others to make false statements about the company's development of various software capabilities and its fiber-optic network, the DOJ said. Rice falsely portrayed EBS as a commercial and business success and falsely claimed that network control software developed by EBS was "up and running," when in fact the software had not progressed beyond the internal development stage. These misrepresentations, including a failure to disclose to the investing public that the company stood to sustain operating losses in 2001, contributed to a sharp rise in Enron's stock price, the DOJ said. EBS entered a number of partnerships before Enron's collapse. In July 2000, Blockbuster announced that it struck an exclusive 20-year partnership with EBS to deliver video on demand by early 2001. Blockbuster began testing the service in February 2001. Kevin Hannon, the former COO at EBS, was sentenced by Gilmore earlier this month to two years in prison, and fined $125,000. Hannon pleaded guilty in August 2004 to conspiracy to commit securities fraud and wire fraud. To date, the federal Enron Task Force has brought criminal charges against 36 defendants, including 25 former Enron employees. Eighteen of those defendants have pleaded guilty or been found guilty after trial. The task force has seized more than $100 million in Enron cases.
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Lawyers for Merrill Lynch and Co.  Inc.  and Credit Suisse Group  on Monday told a  U.S. appeals court a $40 billion lawsuit alleging the banks  helped hide financial misdeeds that led to Enron's collapse  should not proceed as a class-action complaint.
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Merrill Lynch &amp; Co. drafted a letter in mid-June 2000 instructing Enron Corp. to wire $7.5 million to a specified account by the end of that month to buy out the brokerage&#39;s $7 million investment in three barges.
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A former Enron Corp. (ENRNQ.PK: Quote, Profile, Research) assistant treasurer pleaded guilty on Tuesday in US District Court to conspiracy to commit securities fraud for disguising
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Credit Suisse  trimmed its  full-year write-downs linked to the subprime crisis to 2.0  billion Swiss francs ($1.82 billion) on Tuesday in contrast to  rivals hits by rising charges and raked in billions in new  investments from wealthy clients.
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Swiss bank UBS    agreed to pay Enron Corp. creditors $115 million in cash to  settle a lawsuit related to equity transactions, the successor  to the bankrupt energy trader said on Wednesday.
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Enron Corp.'s ENRNQ.PK former  director of investor relations has agreed to pay $1.49 million  to settle fraud charges related to the bankrupt energy company,  U.S. securities regulators said on Wednesday.
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HOUSTON - Wall Street brokerage house Lehman Brothers has agreed to pay $222.5 million to a class-action lawsuit alleging that it and other banks and brokerages helped Enron Corp.
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Lehman Brothers Holdings Inc. (LEH) is close to settling a class action lawsuit for $220 million stemming from allegations that it colluded with other brokerages to mislead Enron Corp.
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The chief operating officer of Enron Corp.&#39;s failed Internet unit pleaded guilty yesterday to a single criminal conspiracy charge and agreed to cooperate with the government, as prosecutors
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&gt;Citigroup Inc. was sued by a group of institutional investors who contend the bank defrauded them in selling $2.4 billion of notes linked to the creditworthiness of Enron Corp.
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Former Enron executive Raymond Bowen  agreed to pay $500,000 to settle charges of earnings  manipulation, the U.S. Securities and Exchange Commission said  on Monday.
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A FIRST Enron executive to face criminal charges has been found guilty along with four former Merrill Lynch bankers in a conspiracy and fraud trial that, while a sideline to the Enron scandal, leads the way to further prosecutions.