Enron settlement a victory for shareholders?

Believe it or not, Enron is still making news, the latest of which is good for many shareholders. A judge has approved a $7.2 billion settlement that will provide funds for those who purchased Enron stock between Sept. 9, 1997 and Dec. 2, 2001, the day the company went bankrupt. That ranks as the largest private securities class action settlement ever. The big winners are institutional shareholders. The University of California was the lead plaintiff. Law firm Coughlin Stoia Geller Rudman & Robbins will make $688 million plus interest for its work on the case, which started in 2001. The bulk of the funds will come from JPMorgan Chase, Citigroup and the Canadian Imperial Bank of Commerce. Smaller amounts came from Bank of America; Lehman Brothers; former Big Five auditing firm Arthur Andersen and its defunct global umbrella organization, Andersen Worldwide, reports the Houston Chronicle. So is it over? Well, Jeff Skilling's appeal is still out there.

For more:
- here's the Chronicle article

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