Financial services firm, Citigroup announced on Wednesday that it will settle a class action brought by investors in connection with its research into collapsed telecoms firm, Global Crossing.
According to reports in the US media, Citigroup revealed that it will be paying $75 million to the aggrieved class of investors, with two-thirds of the amount going to investors in underwritten public offerings of Global Crossing securities between February 1999 and December 2003, and the remaining third going to other investors in Global Crossing securities during that period.
Citigroup explained that the amount will be covered by existing reserves, and announced that the settlement is taking place "solely to eliminate the uncertainties, burden and expense of further protracted litigation".
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