Citigroup Settles Preferred Stock Suit For $730M

Citigroup Settles Preferred Stock Suit For $730M

Citigroup has agreed to pay $730 million to settle a class-action lawsuit that claimed investors were misled by the bank’s disclosures when they purchased its debt and preferred stock.

The purchases were made from May 11, 2006 through Nov. 28, 2008.

Citigroup denied the allegations and said in a statement late Monday that it agreed to the settlement so it could avoid further expenses and uncertainties that come along with drawn out litigation.

Source: USA Today

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