On January 24, 2002, I gave a presentation, at the Large- and Medium-Sized Firms Practice Management Committee of the New York State Society of CPAs, entitled "Like the Energizer Bunny, the Enron Mess Keeps Going and Going." It seems I was right as Citigroup just settled a lawsuit in which it agreed to pay $1.66 billion to the Enron Bankruptcy Estate, which had filed bankruptcy and fraud claims against Citigroup in the United States Bankruptcy Court in New York.
According to a press release, Citigroup denies any wrongdoing and has agreed to the settlement “solely to eliminate the uncertainties, burden and expense of further protracted litigation.” Interestingly, as staggering as a figure of $1.6 billion is, that was just about the amount Citigroup received for an office building that it sold in New York City last year.
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