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Enron shareholders win billions in suit

Discussion in 'BBS Hangout' started by RocketsPimp, Sep 9, 2008.

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  1. RocketsPimp

    RocketsPimp Member

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    http://money.cnn.com/2008/09/09/news/companies/enron_shareholders.ap/index.htm

    About 1.5 million people or business entities will share the more than $7.2 billion in settlements paid out from the lawsuit related to the company's collapse.

    September 9, 2008: 3:48 PM EDT

    HOUSTON (AP) -- A federal judge has approved a plan to distribute more than $7.2 billion recovered as part of a lawsuit by Enron Corp. shareholders and investors in connection with the company's collapse.

    U.S. District Judge Melinda Harmon also approved $688 million in attorneys fees, the largest ever in a securities fraud case.

    About 1.5 million individuals and entities will be eligible to share in the distribution under the settlement plan. The plan was part of a $40 billion lawsuit claiming financial institutions participated in the accounting fraud that led to Enron's downfall.

    The $7.2 billion comes mostly from settlements made with such financial institutions as Bank of America Corp (BAC, Fortune 500).,JPMorgan Chase & Co. (JPM, Fortune 500) and Citigroup Inc. (C, Fortune 500)

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    Nice to see that the shareholders aren't going to walk away entirely empty handed. Still, it's only drop in the bucket compared to the total shareholder losses.
     
    #1 RocketsPimp, Sep 9, 2008
  2. ClutchCityReturns

    ClutchCityReturns Member

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    That's an average of $4,800 per settlement.

    "Hurray, we're rich!" :eek:
     
    #2 ClutchCityReturns, Sep 9, 2008
  3. Lil Pun

    Lil Pun Member

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    Will they actually see any of the money?
     
    #3 Lil Pun, Sep 9, 2008
  4. Apollo Creed

    Apollo Creed Contributing Member

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    They're now dollaraires!
     
    #4 Apollo Creed, Sep 9, 2008
  5. pgabriel

    pgabriel Educated Negro

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    read the bottom, its going to banks and large shareholders
     
    #5 pgabriel, Sep 9, 2008
  6. Supermac34

    Supermac34 President, Von Wafer Fan Club

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    The real winners: the lawyers who $688 Million.
     
    #6 Supermac34, Sep 9, 2008
  7. Dubious

    Dubious Member

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    I will search out this thread and post if I ever see a penny

    -Enron Preferred Holder-
     
    #7 Dubious, Sep 9, 2008
  8. Air Langhi

    Air Langhi Contributing Member

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    The lawyers make a lot and the average shmo gets 1/10 of what he lost, isn't america great?
     
    #8 Air Langhi, Sep 9, 2008
  9. Supermac34

    Supermac34 President, Von Wafer Fan Club

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    As is the case of every class action lawsuit ever.
     
    #9 Supermac34, Sep 9, 2008
  10. ima_drummer2k

    ima_drummer2k Member

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    Ironically, it's the same banks that knowingly financed (and collected LARGE fees for doing so) all the sleazy deals that caused the whole debacle.
     
    #10 ima_drummer2k, Sep 10, 2008
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