Citigroup settles Enron class action with payout of $2bn
Topic 1THE DAILY TELEGRAPH(LONDON)Citigroup settles Enron class action with payout of $2bnJune 11, 2005, SaturdayBy David Litterick in New YorkCITIGROUP made further efforts to repair its battered reputation yesterday when it agreed to pay $2billion ( pounds 1.1billion) to Enron shareholders who were wiped out when the energy company collapsed in December 2001.The payment settles a class action brought by Enron investors led by the University of California. It had accused Citigroup of helping engineer the massive accounting fraud which brought the company down.
