Bank of America settles Enron case

Bank of America was not alleged to have committed fraud on Enron’s stockholders but was sued in its role as an underwriter for certain Enron and Enron-related debt offerings only. Under the 1933 Securities Act, Bank of America’s potential liability was limited to the loss of value of the securities it sold in the offerings it underwrote.

“Bank of America’s payment represents more than 50% of its potential damage exposure for the debt offerings sued for in this case,” said William Lerach, of

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