KV To Settle Claims Against Citigroup In ARS MDL

Law360, New York (January 14, 2010, 6:27 PM EST) -- KV Pharmaceutical Co. plans to resolve its case alleging that Citigroup Global Markets Inc. lied to the drugmaker about the safety of investing in auction rate securities and left it stuck with $72 million in illiquid securities after the ARS market collapsed in February 2008.

On Wednesday, the U.S. District Court for the Southern District of New York, which is overseeing a group of consolidated cases against Citigroup over its sale of ARS, discontinued KV’s action without prejudice after the parties notified the court that the...
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