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.
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