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17

JP Morgan To Pay $2bn To Settle Suit

American investment bank JP Morgan Chase has agreed to settle a lawsuit

American investment bank JP Morgan Chase has agreed to settle a lawsuit related to collapse of US energy giant Enron by paying $2.2bn to Enron?s investors.

The bank and other leading Wall Street banks were accused of helping to assist fraud at Enron.

The bank said it had agreed "in principle" to the settlement, but had not accepted any wrongdoing in doing so.

The deal is set to be the largest civil settlement relating to Enron's failure.