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Enron Creditors Recovery Corp. ("ECRC") has pursued litigation seeking the return of billions of dollars from institutions that ECRC contends participated in, and profited from, conduct underlying Enron’s collapse in 2001. The following settlements have contributed to the recovery of billions of dollars for innocent creditors: MegaClaims Litigation - Settlements Total More Than $2 Billion Cash Settlements | July 2005 | The Royal Bank of Scotland agrees to pay $20 million | | July 2005 | Royal Bank of Canada agrees to pay $49 million | | August 2005 | Canadian Imperial Bank of Commerce agrees to pay $274 million | | August 2005 | The Toronto–Dominion Bank agrees to pay $130 million | | August 2005 | JPMorgan Chase agrees to pay $982 million | | May 2006 | Credit Suisse agrees to pay $94 million | | July 2006 | Merrill Lynch agrees to pay $29.5 million | | October 2006 | Fleet Bank agrees to pay $10.4 million | | November 2006 | Barclays agrees to pay $144 million | Claims Disallowed or Subordinated | July 2005 | The Royal Bank of Scotland subordinates or disallows $343 million in claims | | August 2005 | Canadian Imperial Bank of Commerce subordinates or disallows $53 million in claims | | August 2005 | The Toronto–Dominion Bank subordinates or disallows $55 million in claims | | August 2005 | JPMorgan Chase subordinates or disallows $83 million in claims | | May 2006 | Credit Suisse subordinates or disallows $361 million in claims | | July 2006 | Merrill Lynch subordinates or disallows $73 million in claims | | October 2006 | Fleet Bank agrees subordinates or disallows $634 thousand in claims | Click here for a brief overview of the MegaClaims litigation. Equity Transactions Litigation – Cash Settlements Total $248 Million | April 2007 | Lehman Brothers Holdings, Inc. settles for $69.9 million | | June 2007 | UBS AG settles for $115 million | | June 2007 | Credit Suisse settles for $61.5 million | | October 2007 | Bear Stearns settles for $1 million (plus waiver of other claims) | Click here for further information about the Equity Transactions litigation. Commercial Paper Litigation – Cash Settlements Total More Than $172 Million This figure does not include settlements reached with JPMorgan Chase to settle both the Commercial Paper and MegaClaims litigation. This litigation, which includes more than 180 defendants, involves the recovery of payments made to commercial paper dealers and their customers to prepay/redeem commercial paper prior to its stated maturity. Click here for further information about the Commercial Paper litigation.
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