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Rating:Vanguard Sues Enron Underwriters Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, April 14, 2003

Vanguard Sues Enron Underwriters

by: Sean Hanna, Editor in Chief

Both Citibank and Salomon Smith Barney are on the receiving end of a civil lawsuit filed by Vanguard. The Valley Forge, Pennsylvania-based fund firm is targeting the two firms for underwriting a $70 million bond offering from Enron that ended up being worthless. Vanguard filed the suit in Pennsylvania state court.

Vanguard contends that the two underwriters knew Enron's financial statements were misleading and that they misled the buyers of the bonds. Vanguard's learned of the issue after Senate hearings last year.

All together, the underwriters sold the $800 million of "Yosemite Trust Notes" notes in a private offering in November of 1999. Enron used the notes to retire debt it owed to Citigroup through Delta Energy Corp, its Cayman Islands affiliate. 

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