Citigroup in $1.6bn Enron payout

Citigroup in $1.6bn Enron payout

Creditors now have a total of $5bn from lawsuits and remaining Enron reserves

Citigroup has agreed to pay $1.66bn (£825m) to settle claims that it helped
manipulate the finances at Enron.

The bank denies any wrongdoing, and the settlement ends the lawsuits
concerning banks that were filed in 2003. Creditors now have a total of $5bn,
reaped from 11 banks and the $1.7bn of remaining cash reserves Enron held,
reports
said.

The sum equates to 37.4 cents of every dollar owing to creditors.

The claim against the bank was thought to total $21bn, so the settlement
figure significantly undershoots the hoped-for claim.

The creditors action is separate from an investor lawsuit, which Citigroup
settled for $2bn.

Further reading:

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The Times story

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