Citigroup Settles Carbon Credit Fraud Suit Ahead Of Trial

Law360, London (February 24, 2020, 8:04 PM GMT) -- A Citigroup unit has inked a settlement in England over its alleged role in carbon credit trades, ending a lawsuit filed by defunct companies accusing the lender of aiding a massive tax fraud.

The confidential settlement was approved by the High Court on Thursday, scuppering a March trial over the bank’s alleged involvement in a major carbon credit scam that left the companies penniless.

The lender’s subsidiary, Citigroup Global Markets Ltd., had denied any wrongdoing in connection with the trades, which left the carbon traders saddled with major tax bills.

Neither the lender nor the companies’ liquidators returned requests for comment...

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!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!