Financial services corporation Citigroup today said it will pay $2 billion to Enron investors who accused it of helping engineer a massive accounting fraud at the energy trader.
The class-action settlement is one of the largest in corporate history, though it is less than the $2.58 billion that Citigroup agreed to pay WorldCom investors in 2004.
The settlement may put pressure on a series of other major banks to settle with Enron investors.
Citigroup, which did not admit wrongdoing in agreeing to settle, said the settlement is fully covered by its existing litigation reserves.