Citigroup agrees payout to shareholders

on 30/08/2012 11:00:59

American banking giant Citigroup is to make a payment to shareholders to resolve a legal claim following massive losses during the credit crunch.

The bank was accused of hiding tens of billions of pounds of toxic assets, such as subprime mortgages, on its books.

The bank has now agreed to pay out £370m (€294.8m) as a settlement.