NEW YORK – The lead plaintiff in a massive securities class-action lawsuit against a group of banks stemming from the collapse of Enron Corp. (search) said Tuesday it had reached a third major settlement in the case.
Details of the settlement will be discussed at a news conference later in the day, according to a press release from the board of regents of the University of California (search) -- the lead plaintiff for Enron investors -- and its attorneys.
They did not identify which defendant had agreed to settle, but said total settlements in the case now stood at about $7 billion, including the latest agreement.
A spokesman for the university's board of regents declined further comment.
The plaintiffs previously have announced major settlements with Citigroup (C), which agreed to pay $2 billion, and JPMorgan Chase (JPM), which will pay $2.2 billion to settle the class-action case with Enron investors who accused the banks of helping the energy trader in an accounting fraud.
Citigroup and JPMorgan did not admit wrongdoing in agreeing to settle.
Lehman Brothers and Bank of America have agreed to smaller settlements, totaling about $292 million.
Other banks that are defendants in the suit include Barclays, Credit Suisse's Credit Suisse First Boston, Deutsche Bank, Merrill Lynch & Co., and Toronto-Dominion Bank. All declined to comment.
Banks involved in the suit that could not be reached for comment include Royal Bank of Scotland and Canadian Imperial Bank of Commerce.