Citigroup to pay $2 billion in Enron settlement News
Citigroup to pay $2 billion in Enron settlement

[JURIST] Financial giant Citigroup [corporate website] said Friday that it will pay $2 billion [press release] to settle a class-action lawsuit over its role in helping to engineer a massive accounting fraud at Enron [JURIST news archive]. The settlement will distribute payments to Enron investors who bought stock in the company during the period when Enron sought bankruptcy protection between 1997 and 2001. Under the terms of the agreement Citigroup denied any legal violations and settled "solely to eliminate the uncertainties, burden and expense of further protracted litigation." The settlement is slightly smaller that the $2.58 billion Citigroup paid to WorldCom [JURIST report] investors in 2004. Reuters has more.

THIS DAY @ LAW

Pope Urban II sparks First Crusade

Pope Urban II threw his support behind what would become the First Crusade on November 27, 1095 during the Council of Clairmont. The Pope urged the council's participants to render aid to the Byzantine Empire, which was being attacked by the Seljuks. Pope Urban called for a wide coalition of rich and poor to combat the threat, which eventually resulted in the conquest of much of the Muslim-controlled Levant by the Crusaders and the establishment of the Crusader States. Read Pope Urban's address.  

Catholic Code of Canon Law revised

On November 27, 1983, the revised Code of Canon Law of the Roman Catholic Church went into effect. Learn more about the history of Canon Law from Professor Kenneth Pennington of the Catholic University of America's Columbus School of Law.

Alfred Nobel creates Nobel Prize in his will

On November 27, 1895, Alfred Nobel signed his will, creating the Nobel Prize. Learn more about the history of the Nobel Prize and the Nobel Commission.