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,
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.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements