Ademi & O'Reilly, LLP Seeks to Recover Losses Sustained by Citigroup Inc.

MILWAUKEE, Feb. 28, 2014 (GLOBE NEWSWIRE) -- We are investigating Citigroup in connection with the Company's failure to maintain adequate internal controls with respect to the $235 million fraud recently discovered in its subsidiary in Mexico.

Click here to learn how to join the action: http://www.ademilaw.com/case/citigroup or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.

Citigroup lent $585 million through Banco Nacional de Mexico, or Banamex, to Oceanografia, a Mexican oil services company, through an accounts receivable financing program. Oceanografia has been a chief supplier to Pemex, the Mexican state-owned oil company. Citigroup later discovered that Oceanografia had been suspended by the government from winning new contracts and began reviewing the financing program. Based on that review, Citigroup estimated that only $185 million of the $585 million of accounts receivables owed to Banamex were valid at the end of the year, the bank said in its statement. As a result, Citigroup said it would book an estimated $235 million after-tax charge against its earnings, reducing net income for 2013 to $13.7 billion from $13.9 billion.

If you have owned common stock in Enterprise since December 2013 or earlier and wish to obtain additional information, please contact Guri Ademi either at gademi@ademilaw.com or toll-free: 866-264-3995, http://www.ademilaw.com/case/citigroup.

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CONTACT: Ademi & O'Reilly, LLP Guri Ademi 3620 East Layton Ave. Cudahy, WI 53110 Toll Free: (866) 264-3995 Fax: (414) 482-8001 www.ademilaw.comSource:Ademi & O'Reilly, LLP