{"id":5433,"date":"2013-03-20T00:00:00","date_gmt":"2013-03-20T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2013\/03\/citigroup_will_pay_730m_in_bon"},"modified":"2022-05-02T15:36:02","modified_gmt":"2022-05-02T20:36:02","slug":"citigroup-will-pay-730m-in-bon","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/citigroup-will-pay-730m-in-bon\/","title":{"rendered":"Citigroup Will Pay $730M in Bond Lawsuit Alleging It Misled Debt Investors"},"content":{"rendered":"\n

Pending court approval, Citigroup Inc. (C) <\/a>will $730 million to resolve claims that it misled debt investors regarding its financial state during the economic crisis. The plaintiffs had purchased Citi preferred stock and bonds from 5\/06 through 11\/8. They are accusing Citigroup of misleading the buyers of 48 issues of its corporate bonds. Included among the plaintiffs of this bond lawsuit are the City of Philadelphia Board of Pensions and Retirement, the Louisiana Sheriffs\u2019 Pension and Relief Fund, and the Minneapolis Firefighters\u2019 Relief Association.<\/p>\n

The bonds\u2019 declined as the US mortgage market collapsed and the losses grew. According to Bloomberg.com, at one point, Citigroup\u2019s $4 billion of 10-year notes declined to 79.7 cents on the dollar. It went on to lose over $29 billion in \u201808 and \u201909.<\/p>\n

Struggling from losses involving subprime mortgages, Citigroup ended up having to take a $45 million bailout in 2008, which it has since repaid. However, it is one of the Wall Street firms still coping with the aftermath of the financial crisis. Just last year, Citi consented to pay $590 million over a securities case filed by investors of stock contending that they too had been misled. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Pending court approval, Citigroup Inc. (C) will $730 million to resolve claims that it misled debt investors regarding its financial state during the economic crisis. The plaintiffs had purchased Citi preferred stock and bonds from 5\/06 through 11\/8. They are accusing Citigroup of misleading the buyers of 48 issues of its corporate bonds. 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