And those resposible for helping to defraud investors in the Enron scandal took another hit:
Canadian Imperial Bank of Commerce has agreed to pay $2.4 billion to settle investors’ claims it helped hide losses at the fallen energy trader Enron Corp. through a massive accounting fraud.
The settlement announced Tuesday with the Toronto-based bank — Canada’s fifth-largest financial institution and the operator of the securities firm CIBC World Markets — was the biggest individual payout so far in the long-running debacle.
Combined with similar agreements with Citigroup, JPMorgan Chase & Co. and others, the settlements have now reached more than $7 billion, said lawyers for the investors who lost tens of billions of dollars in Enron’s 2001 collapse.
Some 50,000 Enron stock and bond holders led by the University of California’s board of regents filed claims as part of the lawsuit. Investors claim a number of global banks and brokerages helped Houston-based Enron continue to operate and raise money even as the company was imploding.
Good, although until it is too expensive for these companies to engage in these practices, this will be considered all a part of doing business.