Citigroup ordered to pay Mercuria $14m

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Citigroup has been ordered to pay commodities merchant Mercuria almost $14m as part of prolonged legal wrangling over Chinese metals financing deals hit by suspected fraud, a report on Wednesday said.

Reuters reports that Justice Stephen Phillips of London's High Court ordered Citi to pay Mercuria $13.6m plus interest for damages related to a transaction, in which the bank failed to deliver metal paid for by Mercuria last year, according to a Wall Street Journal report citing a court order.

The judge also ordered Citi to pay half of Mercuria's legal fees, including an immediate payment of roughly $500,000, the report said.

To access the complete Reuters article hit the link below:

Citi ordered to pay Mercuria $14 mln in China metals financing suit - report

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