Law360 (April 7, 2006, 12:00 AM EDT) -- Investment bank Citigroup Inc. continues to feel the effects of the WorldCom accounting scandal Friday, after agreeing to pay $13.25 million to settle allegations that a former analyst misled investors with overly optimistic research.
The plaintiff, the University of California, sued Citibank in 2003 after opting out of a consolidated class action against WorldCom. Instead, it chose to target Citigroup over the actions of Jack Grubman, the analyst at the center of the scandal who was fired with a $30-million severance package.
“In this case, the...
Citigroup To Pay $13M In WorldCom Settlement
To view the full article, register now.
Try Law360 FREE for seven days
Already a subscriber? Click here to login
