J.P. Morgan-Citigroup agree to Enron deal

July 28, 2003 at 3:43 PM

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.

Like Us on Facebook for more stories from UPI.com  
Latest Headlines
Top Stories
B-52 bombers demo long reach of U.S. air power
Army orders tactical trucks from Oshkosh
Reddit CEO Ellen Pao offers to improve communication in wake of firing scandal
Oil markets hammered by Greece, Iran and China
Eni starts production at giant Venezuelan gas field