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J.P. Morgan-Citigroup agree to Enron deal

July 28, 2003 at 3:43 PM   |   Comments

NEW YORK, July 28 (UPI) -- J.P. Morgan Chase and Co. and Citigroup will pay $255 million to settle allegations they helped Enron mislead investors about its financial condition.

The Securities and Exchange Commission announced the settlement Monday. In addition, the two banking companies will pay $50 million to New York state and New York City to settle similar allegations about their dealings with Enron.

The New York Times said J.P. Morgan Chase agreed to pay $135 million and Citigroup $120 million, both without admitting any culpability. The Times said the settlement also resolves charges stemming from the assistance Citigroup provided Dynegy, another energy-trading company, to manipulate its financial statements.

© 2003 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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