Citibank Pays $2.3M To End Suit Over Military Student Loans

Law360, New York (March 16, 2012, 6:17 PM EDT) -- Citibank NA has agreed to pay $2.3 million to settle a proposed class action claiming it charged excessive interest on student loans made to members of the armed forces, according to documents filed Thursday in Minnesota federal court.

Citibank, which also will pay $650,000 in attorneys' fees, denies all allegations of wrongdoing, according to the proposed settlement.

"We are pleased to have resolved this matter," Citibank said in a statement. "We think it is important to note that the court made no rulings on the merits of the allegations in the case and recognized that Citibank likely had good intentions regarding...

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