Citigroup Litigation Information
As part of its mission to liquidate remaining operations and distribute assets to its creditors, Enron Creditors Recovery Corp. ("ECRC") filed “MegaClaims” complaints against 11 major banks that ECRC contends contributed to the collapse of Enron in 2001. The MegaClaims complaint specifically alleges, consistent with the findings of the court-appointed Examiner, the involvement of those banks in the fraud, breaches of fiduciary duties, and civil conspiracy that created losses in the tens of billions of dollars.
Thus far, ten of the eleven banks have settled, enabling ECRC to return billions of dollars to innocent creditors. Click here for a brief overview of the MegaClaims litigation.
The claim against Citigroup is pending and represents the largest of any of the MegaClaims actions. The trial is scheduled to commence in April 2008.
The materials contained in this section provide an overview of the alleged conduct between Enron and Citigroup and outline ECRC’s efforts to recover funds from Citigroup (and certain of its subsidiaries and affiliates) in order to return them to Enron’s innocent creditors.
Look for updates to this section as the litigation against Citigroup continues.
NOTE: The information contained on this site is a summary of information derived from the pleadings filed in the cases initiated by Enron Creditors Recovery Corp. and the reports of the Bankruptcy Examiner and is provided for information purposes only. Please refer to the complaints and other relevant documents for specific and complete information regarding Enron’s ongoing litigation.
Current Related PressPlease use the links below to view recent media coverage related to ECRC’s litigation against Citigroup.