Citi To Resolve Hawaii's Losses From $1.1B ARS

Law360, New York (November 24, 2010, 1:09 PM EST) -- Citigroup Global Markets Inc. has reached a resolution with Hawaii over the losses the state has sustained on $1.1 billion worth of auction rate securities investments, agreeing to buy back the state’s remaining portfolio and to make up for any hits the state took on auction rate securities that have already been liquidated.

 

Under the agreement announced Tuesday by Hawaii attorney general Mark Bennett, taxpayers will lose no principal on any of the state’s auction rate securities investments, and Hawaii will release all potential claims...
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