BusinessCompany NewsCitigroup 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:

Read
The Times story

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor