US: Hausfeld law firm announces $394 million settlement with Citi

Hausfeld, a global claimants’ law firm dedicated to handling complex litigation, announced today that the plaintiffs have reached a $394 million settlement with Citigroup and Citibank. The settlement with Citi, the fourth to be announced in the case, follows settlements with Bank of America, UBS, and JPMorgan and pushes the plaintiffs’ recovery in the action to more than $800 million. In addition to the monetary compensation, all four banks have agreed to cooperate with investors in their continuing litigation against the eight remaining defendants.

Speaking on the settlement, Michael D. Hausfeld, Chairman at Hausfeld, stated, “The Citi settlement is a significant step forward for investors. Not only does the settlement substantially add to the settlements already secured to compensate investors for the wrongs perpetrated on them, but also secures substantial cooperation that will aid investors in pursuing their claims further.”

Full content: Market Watch

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