Citi agrees to pay $1.7B in Enron settlement

Citigroup Inc. said Wednesday it had reached a settlement with creditors of the fallen energy giant Enron, agreeing to pay $1.66 billion in claims.

As part of the agreement, $1.7 billion of cash held in a disputed claim reserve will be included in a special distribution to creditors.

Wednesday's announcement marks a major milestone in a lawsuit filed in 2003 filed against 11 global banks.

"Today's settlement marks an enormous accomplishment for the Enron Estate," said John Ray III, president and chairman of the board of Enron Creditors Recovery Corp. "I am very proud of the value we have been able to recover on behalf of creditors."

Read Full Article from CNNMoney.com

- Posted: 2008-03-26 09:21:56

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