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Citigroup to pay $590m for investor suit

AFP

New York - Citigroup said on Friday it had agreed to pay $590m to settle a suit by investors who accused the bank of misleading them on its derivative losses in 2007-2008.

Citigroup said it was agreeing to settle the lawsuit to avoid any more legal costs, but denied the charges that it had misled investors on its exposure to the market of collateralized debt obligations, which was collapsing at the time.

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