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Citi Settles Enron Suit for $1.66B



26 March 2008 @ 09:52 am EST

HOUSTON (AP) - Citigroup will pay Enron Creditors Recovery $1.66 billion to settle the MegaClaims lawsuit related to Enron's bankruptcy.

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Citi, which denies any wrongdoing, will waive up to $4 billion in indemnification claims and $249.4 million in other claims.

The settlement will also release $1.7 billion of cash held in a disputed claims reserve.

The lawsuit was filed by Enron in 2003 against 11 banks. The Citigroup Inc. settlement brings it to a close.

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AP Business Writer Lauren LaCapra in New York

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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