Summary
NEW YORK -- In one of the largest securities fraud settlements ever, financial services giant Citigroup Inc. has agreed to pay $2.65 billion to settle a class action suit brought by investors who bought WorldCom Inc. securities before the telecommunications company went bankrupt in 2002.
It was the second biggest settlement of a securities class action case ever, after a $3.2 billion settlement by services giant Cendant Corp. in 2000 over accounting fraud that cost shareholders billions, according to New York state Comptroller Alan G. Hevesi.See the full content of this document
Extract
Citigroup to Pay $2.65 Billion Fine
And the deal with Citi is just the first step, Hevesi said Monday in announcing the settlement.
The comptroller, who is taking the lead in the class action case, said he was pursuing similar agreements with 17 other in...See the full content of this document
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