Citigroup will pay $730 million to settle a class-action lawsuit by investors who say the New York-based bank misled them.Reuters
Citigroup Inc. (NYSE:C) will pay $730 million to settle a class-action lawsuit by investors who say the New York-based bank misled them.
The bank, which denied the allegations, said the lawsuit stemmed from its sale of preferred stock and debt from May 11, 2006, through Nov. 28, 2008, the period when the housing bubble burst.
“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," the New York company said in a statement.
