Off the Kuff Rotating Header Image

Skilling settles longstanding lawsuit

Old business.

Less than two months after leaving prison, former Enron Chief Executive Officer Jeffrey Skilling settled a 17-year-old lawsuit claiming he helped defraud a Canadian investment firm with the promotion of the defunct energy company’s securities as it headed toward collapse.

SilverCreek Management Inc., a Toronto-based investment firm that bought Enron-issued bonds in October 2001, sued in Manhattan federal court, accusing the company’s accountants, banks, directors, law firms and underwriters of helping facilitate the oil trader’s demise.

SilverCreek had earlier reached settlements with all defendants except Skilling and former Enron Chief Accounting Officer Richard Causey. In a letter last month, it said it had an agreement-in-principle with Causey. And on Friday, SilverCreek and Skilling told U.S. District Judge J. Paul Oetken that they also reached a settlement-in-principle. The terms weren’t disclosed.

Amazingly, I don’t have any old posts to refer to for background information. There definitely lawsuits in the offing as Skilling was first sent to jail, but this one predates that event by several years, so who knows. I do wonder if the settlement offer includes payment in cryptocurrency. That would just be fitting, don’t you think?

Related Posts:

Comments are closed.