J P Morgan Chase & Co. announced on Tuesday that it has reached an agreement in principle to settle the Enron class action litigation entitled Newby v. Enron Corp., brought on behalf of Enron securities holders.
The lawsuit is currently pending in the United States District Court for the Southern District of Texas, Houston Division.
Under the terms of the settlement, J P Morgan Chase will make a payment of $2.2 billion to the settlement class, with plaintiffs' attorneys' fees to be paid out of the settlement.
The company has neither admitted nor denied wrongdoing in the matter, stating that it agreed to the settlement solely to eliminate the uncertainties, burden and expense of further protracted litigation.
"We are working hard to put the uncertainty of litigation risk behind us," explained William B. Harrison, Jr., Chairman and CEO.
This follows the recent announcement that Citigroup Inc. has agreed to pay around $2 billion to settle the suit.
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