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...

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