Friday, June 10, 2005

Citigroup to Settle Enron Lawsuit for $2B

Citigroup will pay $2 billion to settle a class-action lawsuit over its role in the the Enron debacle that led to the energy trader's collapse.

According to the Associated Press, the settlement marks the largest payout so far pledged to Enron investors, who claim they were bilked out of billions of dollars when the energy company went bankrupt in 2001. 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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