Federal judge OKs $730M settlement between Citigroup and investors
Judge Sidney Stein has approved a $730 million settlement between Citigroup Inc. and investors who had accused the bank of lying about quality of investments.
August 21, 2013 at 11:03 AM
6 minute read
The original version of this story was published on Law.com
U.S. District Judge Sidney Stein in Manhattan has approved a $730 million settlement between Citigroup Inc. and investors who had accused the bank of lying about the quality of investments in four-dozen bond and preferred stock-offerings. The decision comes the just weeks after Stein approved a similar $590 million settlement for Citigroup shareholders, according to Reuters.
Plaintiffs in the case, which include the Arkansas Teacher Retirement Systems and Louisiana Sheriffs' Pension and Relief Fund, alleged that “Citigroup made materially untrue or misleading statements or omissions in public offering materials associated with 48 different bond issuances between May 2006 and November 2008,” according to court documents.
“The court finds the proposed class action settlement is fair, reasonable, and adequate,” Stein wrote in an opinion filed with the court on Aug. 20.
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