New York (May 11, 2004) — Financial services conglomerate Citigroup said it would pay $2.65 billion to settle a class-action suit filed by shareholders of WorldCom stocks and bonds who charged that the company was complicit in the telecommunications concern’s massive accounting fraud.
All Accounting Today articles are archived after 7 days. REGISTER NOW for unlimited access to all recently archived articles, as well as thousands of searchable stories. Registered Members also gain access to exclusive industry white paper downloads, web seminars, podcasts, blog discussions, and conference discounts. Registered members may also choose to receive our exclusive Tax Pro Today e-newsletters covering the latest breaking news, opinions from industry leaders and developing trends.