JPMorgan Chase & Co. became the first U.S. bank to settle claims it helped Enron Corp. commit the accounting fraud leading to the energy giant's 2001 bankruptcy.

If approved by a federal judge, JPMorgan will pay $350 million in cash to Enron creditors in the "MegaClaims" lawsuit. The suit, brought by the Enron estate that exists to liquidate assets and pay debt, sued 10 banks claiming they hid debt and inflated results contributing to Enron's collapse.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access