[MKE - Indymedia] more Enron..

[Daniel Pryzbyla]

Crain’s New York Business
June 10, 2005 
Citigroup settles Enron suit for $2 billion
Citigroup Inc. agreed to pay $2 billion to settle a class-action lawsuit filed by Enron Corp. shareholders and bondholders who accused the firm of helping the collapsed energy trader hide its financial problems. 

The agreement calls for Citigroup to make a pretax payment of $2 billion to all investors who bought publicly traded equity and debt securities issued by Enron and Enron-related entities between Sept. 9, 1997 and Dec. 2, 2001. 
In 2003, Citigroup agreed to pay $120 million to settle state and federal regulatory investigations into the role played by the investment bank in Enron’s collapse. 

Citigroup said that today’s settlement is fully covered by its legal reserves and that its remaining reserves will cover any future claims related to Enron as well as to Citi's research. The company denied any wrongdoing and said it made the agreement “to eliminate the uncertainties, burden and expense of further protracted litigation.” 

Last year, Citigroup agreed to pay $2.65 billion to settle a class-action suit brought by WorldCom investors who claimed that the firm helped defraud investors.
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Daniel Pryzbyla
pryz1 at earthlink.net
Why Wait? Move to EarthLink.
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