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.
Citigroup — which admitted no wrongdoing — said it would pay the settlement amount, which will be roughly $1.64 billion after taxes, to investors who acquired WorldCom stocks or bonds between April 29, 1999, and June 25, 2002.
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