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Citigroup Inc has agreed to pay $730 million to settle a class action lawsuit on behalf of investors who said they were misled by the company's disclosures.
Purchasers of the bank's debt and preferred stock between 2006 and 2008 claimed there were misstatements and omissions in the disclosures, Citigroup said in a statement announcing the proposed settlement.
The investors accused the bank of bank understating loss reserves for its high-risk residential mortgage loans and falsely stating risky assets were of high credit quality, according to Bernstein Litowitz Berger & Grossman, a law firm that represented pension funds and other investors in the case.