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...

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