Business Services Industry
British Mortgage Bank Abbey National to Sue for Its Enron Losses.
Knight Ridder/Tribune Business News, October, 2002
By Rodney Hobson, Daily Mail, London Knight Ridder/Tribune Business News
Oct. 15--Mortgage bank Abbey National, the reluctant recipient of amorous approaches by Bank of Ireland, is suing a bevy of investment banks over its ill-fated UKpound 95 million investment in collapsed energy group Enron.
It wants UKpound 80 million from financial institutions which, it alleges, "intentionally or recklessly" misrepresented Enron's precarious finances.
Abbey finance director Stephen Hester, a candidate for the vacant chief executive job, is a former investment banker at CSFB, one of those accused. The others are JP Morgan Chase, Bank of America, Canadian Imperial Bank of Commerce, Dresdner Bank, ABN AMRO and Deutsche Bank. The suit also names...
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