Citi agrees to settle subprime suit

03/19/2013 | BBC · Financial Times (tiered subscription model)

Citigroup has agreed to pay $730 million to settle a class action lawsuit brought by bond holders who say the bank did not accurately represent its exposure to certain subprime mortgage loans and other risky securities and understated some loan losses. "Citigroup denies the allegations and is entering into this settlement solely to eliminate the uncertainties, burden and expense of further protracted litigation," a statement from the bank says.

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BBC · Financial Times (tiered subscription model)

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