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U.S. markets recover from steep losses
HOUSTON, Feb. 2 (UPI) -- Lehman Holdings Inc. and three affiliates agreed Thursday to settle a dispute with Houston's bankrupt Enron Corp. by paying it $69.9 million.
Enron's complaint against Lehman Holdings included "claims asserting preferences, fraudulent transfers or conveyances, and recovery of payments pursuant to other applicable federal and state law."
Under terms of the agreement, which must be approved by a New York bankruptcy judge, Lehman Holdings will pay Enron $69.9 million in cash and withdraw with prejudice its approximately $173 million claim against Enron.
"We are pleased with this settlement, the first we have reached in the equity transactions litigation," said John J. Ray III, Enron's president.
"We look forward to successfully resolving the remaining equity transactions cases."
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