Enron Creditors Recovery Corp. ("ECRC") is pursuing litigation to hold the entities accountable that ECRC believes participated in fraudulent conduct leading up to and immediately following Enron’s bankruptcy. In particular, ECRC has filed suit against financial institutions that ECRC alleges engaged in, and profited from, fraudulent dealings with Enron. The purpose of these efforts is to recover funds that should be distributed to Enron’s innocent creditors.
Please explore this section to learn more about the litigation efforts. The most relevant legal filings are posted under Case Documents.
For specific information about the case against Citigroup, please visit the Citigroup Litigation Information section.
For information related to the Tittle/DOL Settlement Allocation, please click here.
For more information about the Newby class action lawsuit, please click here.
NOTE: The information contained on this site is a summary of information derived from the pleadings filed in the cases initiated by Enron Creditors Recovery Corp. and the reports of the Bankruptcy Examiner and is provided for information purposes only. Please refer to the complaints and other relevant documents for specific and complete information regarding Enron’s ongoing litigation.
Litigation SummaryMegaClaims Litigation
As part of its mission to liquidate remaining operations and distribute assets to its creditors, ECRC filed its “MegaClaims” complaints against eleven major banks and financial institutions that it believes contributed to the collapse of Enron. Ten of these defendants have settled their cases while denying any wrongdoing.
Commercial Paper Litigation
This litigation involves the recovery of payments made to commercial paper dealers. The remaining defendants include Goldman, Sachs & Co. and certain of its customers and certain customers of JPMorgan Chase. Claims against Lehman Brothers and JPMorgan Chase have been settled without the parties admitting any wrongdoing.
Equity Transactions Litigation
ECRC filed suit against Lehman Brothers Holdings, Inc., UBS AG, Credit Suisse and Bear Stearns seeking recovery of payments made to the four banks on transactions involving Enron’s stock while the Company was insolvent. This litigation has been favorably resolved, with each defendant agreeing to pay money to settle the matter while denying any wrongdoing.