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Enron files complaint against six of its former banks

Houston-based Enron last month filed a court complaint against six of its former banks, claiming they gave bad financial advice that contributed to its demise in late 2001. As a bankrupt company, Enron is required to try to recover as much as it can for its creditors.

The 280-page filing in the US bankruptcy court in New York alleges that certainbanks “bear substantial responsibility” by participating “witha small group of senior officers and managers of Enron in a multi-year schemeto manipulate and mis-state Enron’s financial condition”.

The banks in question are Citigroup, JP Morgan Chase, Merrill Lynch, DeutscheBank, Barclays and Canadian Imperial Bank of Commerce, and various of their subsidiariesand affiliates.

The complaint says the banks assisted

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