Citigrouphas agreed to pay $590m to settle a shareholder lawsuit accusing the bank of failing to fully disclose its exposure to toxic mortgage products before the financial crisis.
The settlement, which needs court approval, is one of the largest payouts of its type and comes two years after Citi settled related allegations from the US Securities and Exchange Commission.
It provides a modicum of relief to some Citi shareholders, which have seen the value of the company plunge more than 90 per cent in the past five years, and shows Wall Street’s huge bill for crisis-related litigation continues to mount.
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