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.
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