Citigroup said today it would pay $2.65 billion to settle a class-action suit brought by holders of WorldCom securities.
The holders alleged the bank had been a participant in the massive fraud at WorldCom through its dealings with the phone company, now known as MCI
Citigroup, which admitted no wrongdoing in the settlement, said it also has increased its reserve for other pending class-action suits against it to $6.7 billion. That figure excludes the WorldCom settlement costs.
