Enron Suit Targets Deutsche Bank | Business| Economy and finance news from a German perspective | DW | 26.09.2003
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Enron Suit Targets Deutsche Bank

Deutsche Bank AG is one of the targets of a lawsuit by dismantled energy concern Enron, which is hoping to claim $3 billion in funds lost by what it claims are the bank's actions. The Canadian Imperial Bank of Commerce, J.P. Morgan Chase & Co, Citigroup Inc., Barclays Bank PLC and Merrill Lynch & Co. Inc make up the rest of the lawsuit's targets, according to the The Wall Street Journal. Enron, which went bankrupt in 2001 after a massive accounting scandal, says in the lawsuit that the six banks "participated in a scheme to manipulate and misstate Enron's financial condition" which directly led to the energy corporation's demise. The suit accuses the banks of "aiding and abetting" Enron executives in manipulating figures by arranging transactions that disguised loans as asset sales. A Deutsche Bank spokesman would not comment, the report said.