Citigroup Securities Class Action Settlement
By Kimberly Mirando
Citigroup, Inc. has reached a $590 million class action lawsuit settlement with shareholders to resolve allegations it committed securities fraud. If you purchased Citigroup common stock (NYSE: C) between February 26, 2007 and April 18, 2008, you may be covered by the Citigroup class action settlement.
The Citigroup securities settlement will resolve a class action lawsuit, titled In Re: Citigroup, Inc. Securities Litigation, that alleges Citigroup and certain officers and directors violated the federal Securities Exchange Act of 1934 by misrepresenting Citigroup’s exposure to collateralized debt obligations (“CDOs), as well as the value of those CDOs, during the Class Period.
Plaintiffs in the Citigroup securities class action lawsuit alleged Citigroup was aware of both the size of Citigroup’s CDO holdings and their impairment before either of these matters were disclosed to the public, and that public disclosure regarding Citigroup’s CDO exposures caused the price of Citigroup common stock to decline.
Citigroup denies any wrongdoing, but has agreed to establish a $590 million class action lawsuit settlement fund to pay out shareholders and resolve the litigation.
Class Members of the Citigroup securities class action settlement include anyone who purchased or otherwise acquired common stock of Citigroup, Inc. between February 26, 2007 and April 18, 2008, inclusive.
Class Members that submit a timely and valid Claim Form will receive approximately $0.19 per eligible share they purchased. However, this number is based on all Class Members filing a claim, which is highly unlikely. Therefore, the amount of money you could recover from the Citigroup stock settlement will likely be much more.
The only way to receive money from the Citigroup securities class action settlement is to submit a valid Claim Form no later than February 7, 2013.
Claim Forms and more information on your rights in the Citigroup Securities Fraud Class Action Lawsuit Settlement can be found at www.CitigroupSecuritiesSettlement.com.
Were you a victim of stock fraud, securities fraud or investment fraud? You may have a case to file class action lawsuit against the parties responsible. Visit the Securities Fraud, Stock Fraud Investment Class Action Lawsuit Investigation for details.
Updated October 23rd, 2012
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