Merrill Lynch & Co. will pay $30 million to end litigation centering on energy trader Enron Corp.'s historic bankruptcy. As part of the settlement, the securities firm also agreed to drop more than $73 million in counter claims against Enron.
In a statement, Merrill said that it had neither admitted nor denied liability or wrongdoing, and that both parties agreed to the settlement in order to avoid the "costs and uncertainties" of further legal proceedings. As part of the agreement, Merrill will still be able to present about $10 million in claims outside the settlement to the federal court supervising Enron's bankruptcy.
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