Tag: Citibank

Citigroup agrees to pay $730 million to settle securities fraud class action

April 11, 2013 by

Citigroup, the third largest U.S. bank by assets, agreed to pay $730 million to settle claims it misled debt investors about its condition during the financial crisis.  The deal would resolve a lawsuit by investors who bought Citigroup bonds and preferred stock from May 2006 through November 2008.  The settlement requires requires court approval and

Citigroup settles securities fraud lawsuit arising out of CDO’s

September 11, 2012 by

Citigroup Inc. agreed to pay $590 million to settle a shareholder lawsuit accusing it of hiding tens of billions of dollars of toxic mortgage assets, one of the largest settlements stemming from the global financial crisis. The agreement resolves claims that shareholders ended up with massive losses after the bank failed to take timely writedowns

Overdraft fee class action filed against Citibank

January 3, 2012 by

An account holder in California has filed suit against Citibank alleging that Citibank’s unfair and unconscionable assessment and collection of overdraft fees is in violation of its contractual terms with the customers in which the contract affirmatively states: “That there is no Citibank fee charged for POS transactions.”  The case is entitled Ronald S. Arendas

Judge preliminarily approves $410 million settlement in excessive overdraft fee class action

May 24, 2011 by

On May 23, a federal district judge in Florida preliminarily approved a settlement in a class action alleging that Bank of America had charged excessive overdraft fees on debit cards.  The bank reordered the processing of the debit charges from highest to lowest, which resulted in more overdraft fees.  Under the settlement, the Bank would