Citigroup Close to Deal in Role Over Enron

NEW YORK -- Citigroup hopes to reach a settlement this quarter with regulators and prosecutors who have been investigating the bank's role in helping Enron disguise the extent of its debts, the Financial Times reported.

Todd Thomson, Citigroup chief financial officer, said on Monday an agreement now under discussion would involve investigators including the Securities and Exchange Commission and the Manhattan district attorney's office.

A source familiar with the talks said the settlement would involve civil, not criminal, charges, as was the case with an $80 million agreement reached this year with Merrill Lynch.

"We are hopeful we will get it resolved this quarter," Thomson said. "We would hope to get it all dealt with at the same time."

-- NYSSCPA.org News Staff

Posted on 7/15/03