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July 6, 2006 / 1:09 PM

Enron settles with Merrill Lynch

HOUSTON, July 6 (UPI) -- New York's Merrill Lynch & Co. Inc. will pay Enron Corp. $29.5 million to settle litigation stemming from Enron's 2001 bankruptcy.

The settlement further provides that some $73.7 million in claims against the Enron Estate will be subordinated and receive no distribution from the Enron Estate and about $10 million in transferred claims will be allowed, Enron said Thursday in a statement.

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Merrill Lynch didn't admit liability or wrongdoing and both parties agreed to settle the litigation to avoid the costs and uncertainties of further proceedings.

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