The former Citigroup broker for convicted WorldCom chief executive Bernard J. Ebbers is suing Paul, Weiss, Rifkind, Wharton & Garrison, claiming the law firm was conflicted when it advised Citigroup on the broker’s severance package.
David H. Trautenberg, the former co-head of the bank’s private wealth management group, was a significant figure in litigation arising from WorldCom’s collapse, having orchestrated massive loans for Ebbers’ personal account. Shareholders and regulators had accused Citigroup of offering such perks as well as favorable research coverage in order to maintain its position as WorldCom’s chief investment bank. The bank ultimately paid close to $3 billion to settle claims relating to WorldCom.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]