New Delhi, July 29: JP Morgan Chase and Citigroup agreed on Monday to pay a total of $255 million for their roles in Enron's manipulation of its financial statements. Morgan will pay $135 million and Citigroup will pay $120 million as part of the settlement, the Securities and Exchange Commission said.
The SEC said most of the money would go to victims of Enron's massive corporate fraud - the first in a string of scandals that have tainted corporate America since 2001.
The SEC said most of the money would go to victims of Enron - the first in a string of scandals that have tainted corporate America since 2001.
The government had accused Morgan and Citigroup of helping Enron design complex transactions that allowed it to underreport its debt.
Bureau Report