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ARTICLE · 16 AUGUST 2006

Enron: The Pain Continues

Barlow Lyde & Gilbert LLP
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As financial institutions continue to seek closure on their exposures arising out of a variety of practices engaged in around the turn of the Millennium, the insurance and reinsurance markets feel the consequences.

United KingdomFinance and Banking
Colin Croly
Colin Croly
Michael Codd
Michael Codd

As financial institutions continue to seek closure on their exposures arising out of a variety of practices engaged in around the turn of the Millennium, the insurance and reinsurance markets feel the consequences.

With the lawsuit brought by Enron’s shareholders due to begin in October this year, and amid the high profile extradition of the NatWest three (accused of defrauding NatWest through a series of transactions with Enron), the Royal Bank of Scotland (of which NatWest is a subsidiary) is reportedly close to joining the growing number of banks which have entered settlements with the Enron shareholders. Some of those settlements have run into hundreds of millions of pounds, and the banks are seeking recovery from their financial institutions’ insurers.

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