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Citigroup agrees $730m legal settlement with investors

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US investment bank Citigroup is to pay $730m (£484m) to settle a class-action suit by bondholders brought over the financial crisis.

 

The suit alleged Citi misled buyers of its bonds over its exposure to subprime mortgages and other high-risk securities between 2006 and 2008. Citi denied the claims, but said it agreed to the settlement to "eliminate uncertainties".

 

In August 2012, Citi struck a $590m settlement with shareholders. Bondholders claimed that Citi not only misrepresented its exposure to mortgage-backed assets, but also understated losses on loans. But the bank said in a statement: "Citigroup senies the allegations and is entering into this settlement solely to eliminate the uncertainties, burden and expense of further protracted litigation.

 

"This settlement is another significant step toward resolving our exposure to claims arising from the financial crisis, and we look forward to putting this matter behind us. Citi is a fundamentally different company today than at the beginning of the financial crisis." The settlement must be approved by the US district court. In August 2012, Citi announced a $590m settlement with investors who claimed that the company had hid its exposure to the collateralised debt obligations market to prop up its share price. The investors suffered heavy losses when Citi's shares eventually fell. In that case, Citi also denied the allegations and said it was settling to avoid any more legal costs.

 

Link: http://www.bbc.co.uk/news/business-21839793


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