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Citigroup agrees $730m legal settlement with investors
Source: BBC
18 March 2013 Last updated at 23:43 GMT
Citigroup agrees 730m legal settlement with investors
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".
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Bondholders claimed that Citi not only misrepresented its exposure to mortgage-backed assets, but also understated losses on loans.
[font size=1]-snip-[/font]
Citigroup agrees 730m legal settlement with investors
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".
[font size=1]-snip-[/font]
Bondholders claimed that Citi not only misrepresented its exposure to mortgage-backed assets, but also understated losses on loans.
[font size=1]-snip-[/font]
Read more: http://www.bbc.co.uk/news/business-21839793