$590M Citi Settlement Draws Skepticism From Judge

Law360, Los Angeles (April 2, 2013, 6:53 PM EDT) -- A New York federal judge on Monday raised questions about Citigroup Inc.'s proposed $590 million securities class action settlement, indicating that he might become the latest federal judge to block a multimillion-dollar no-admit, no-deny deal involving a major bank.

U.S. District Judge Sidney H. Stein ordered Kirby McInerney LLP, which is representing the shareholders, to produce attorney rate information over its controversial $100 million fee request in the proposed settlement. He also asked the plaintiffs and defendant to tell the court if they think a reasonable deal...
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