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Credit Suisse settles with Enron

Swiss banking giant Credit Suisse has agreed to pay $90 million to the bankruptcy estate of Enron in order to settle a lawsuit brought against the bank.

Following the spectacular demise of the US-based energy company in 2001, several financial institutions connected to the company were sued for allegedly aiding and abetting the account fraud that sank the company, of which Credit Suisse was one.

Other banks including the Royal Bank of Scotland and Lehman Brothers have also paid out over the scandal, although Credit Suisse's settlement was less owing to the fewer transactions the bank was involved in.

In a statement, Enron president and chairman John J Ray III said: "This settlement is further evidence of the proactive steps we continue to take to resolve the myriad of issues with respect to the Enron estate."

"We are gratified with the progress we have made to date in the MegaClaims litigation and remain eager to reach resolution with the remaining financial institutions," he added.

Credit Suisse did not concede any wrongdoing in making the settlement, citing uncertainty over future litigation and costs as the reason for paying out.

Other major financial institutions such as Citigroup, Deutsche Bank and Barclays are still being prosecuted by the former energy giant, as it attempts to regain some of the huge losses suffered by Enron investors.