Salomon Inc. to Pay $16-Million Settlement

Salomon Inc., the New York City-based investment firm, has agreed to pay a $16.25-million settlement as the result of a Department of Energy audit that found the company had overcharged its customers, the DOE announced.

The proposed settlement, announced Wednesday, would resolve DOE allegations that Salomon violated its regulations between Aug. 19, 1973, and Dec. 31, 1977.

In agreeing to the settlement, Salomon does not admit any violation or non-compliance with federal regulations.