Carbon Credit Trader Seeks More Money In Citi Fraud Fight

Law360, London (August 5, 2019, 4:53 PM BST) -- Liquidators for several defunct carbon-credit traders have added £1.6 million ($2 million) to the damages they are seeking from Citi in litigation after it allegedly enabled a massive tax fraud that has conned European governments out of billions of pounds.

Bilta (UK) Ltd. and several other British companies revised their lawsuit against Citigroup Global Markets Ltd. on July 30, telling the High Court in London that they lost at least £16.5 million — up from £14.9 million — after being saddled with huge bills from HM Revenue and Customs for the tax scheme.

Liquidators at accounting firm Grant Thornton want Citi to...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!