tax payment was fully covered by its existing litigation reserves, which were boosted to $6.7 billion after the WorldCom settlement. The bank does not plan to adjust its remaining reserves and considers them adequate for its exposure to additional pending Enron and investment research-related lawsuits. Citigroup Chief Executive Charles Prince, who took over at the helm of the company in 2003, said it was a key priority for the bank to resolve major cases like this one and "to put a difficult chapter in our history behind us". "By doing so, we will be better positioned to realize our goals," Prince said in a statement. Citigroup was told by the U.S. Federal Reserve in March to delay any big takeover plans until the company tightened internal controls and addressed a slew of regulatory problems. --More 2356 Local Time 2056 GMT
