Published March 19, 2013
| MarketWatch Pulse
NEW YORK – Citigroup Inc (C) on Monday agreed to pay $730 million to settle a class action lawsuit that alleged it mislead investors during the financial crisis, according to media reports.
The investors, including the Arkansas Teacher Retirement Systems and Louisiana Sheriffs' Pension and Relief Fund, said Citigroup understated its loss reserves and misled investors about asset quality in 48 offerings of bonds and preferred stock, according to the reports.
Citigroup said it settled to avoid litigation and maintains it did nothing wrong.
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