Enron Creditors Reach $1.66B Deal With Citigroup

Law360, New York (March 26, 2008, 12:00 AM EDT) -- Citigroup Inc., the last remaining investment-bank defendant in the massive Enron MegaClaims suit, has agreed to pay $1.66 billion to end the long-running case, which sought to hold Wall Street liable for allegedly playing a role in the downfall of Enron Corp.

Citigroup disclosed the settlement on Wednesday, just one day before a hearing at which the bank was expected to ask the judge to throw out the litigation. Under the terms of the settlement, Citigroup will pay the Enron Creditors Recovery Corp. $1.66 billion. The...
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