Citigroup to pay $2 billion in class-action lawsuit
Saturday, June 11, 2005
NEW YORK -- Citigroup Inc., the nation's largest financial services company, will pay $2 billion to settle a class-action lawsuit over its role in helping Enron Corp. orchestrate a massive accounting fraud that led to the energy trader's collapse. The settlement announced Friday marks the largest payout so far pledged to Enron investors. It also becomes one of the largest corporate settlements in history, but still below the $2.58 billion that New York-based Citigroup agreed to pay WorldCom Inc. investors last year.
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