UC Settles For $2bn In Enron Litigation
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The University of California has reached a $2bn settlement with Citigroup in securities litigation over Enron Corp. UC is lead plaintiff in a class action of investors who lost tens of billions of dollars in the Enron debacle. The settlement is the latest in a row for UC. Previous settlements for Enron investors have come from Lehman Brothers, Bank of America, Andersen Worldwide, Enron's outside directors and Ken Harrison. Monetarily the settlements total $491.5m Retired federal judge Hon. J. Lawrence Irving, who is acting as an advisor to the UC Regents in the Enron litigation, said, "The size of this settlement is unprecedented for a stock fraud case. I unqualifiedly endorse this settlement and hope it helps lead to a major recovery for the investor victims of the Enron debacle."
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