Abbey National sues investment banks over Enron losses

Abbey National bank, which lost more than €79m by investing in US energy giant Enron, is suing a host of investment banks, claiming they must have known Enron’s finances were fatally flawed when the deal was made.

Abbey National Treasury Services filed a suit in Manhattan federal court over its disastrous purchase of Enron-issued Marlin Water notes just months before the company collapsed into bankruptcy.