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Corporations and securities brief ~ JP Morgan settles with Enron

[JURIST] Leading Tuesday's corporations and securities law news, JP Morgan Chase [corporate website] has settled with Enron for the bank's role in the accounting fraud that lead to Enron's bankruptcy [JURIST news archive]. In a Tuesday press release [text], JP Morgan said that the bank will pay Enron $350 million in return for Enron not pursuing its claims against JP Morgan. The bankruptcy court handling the case must still approve the settlement. Reuters has more.

In other corporations and securities news...

  • Goodyear [corporate website] announced Tuesday that the company received a Wells Notice from the SEC, which informs a company that an SEC panel has recommended the agency file civil charges against the company. In a press release [text], Goodyear said the notice relates to alleged accounting violations that lead to the company restating its 2003 reports. Reuters has more.

  • The Federal Trade Commission [official website] has settled with Experian [corporate website] for deceptively marketing credit reports. Experian subsidiary Consumerinfo.com lead customers to its www.consumerinfo.com and www.freecreditreport.com websites with promises of free credit reports. But in a Tuesday press release [text], the FTC says the company actually required customers to provide their credit card information and would charge the card $79.99 if the customers did not cancel their registration for the "free" credit report. AP has more.

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Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible format.

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