Citigroup in $2.65 Billion Settlement

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NEW YORK (Reuters) - Citigroup (C.N: Quote, Profile, Research) on Monday said it would pay $2.65 billion to settle a class-action suit brought by holders of WorldCom stocks and bonds who claimed it had participated in the massive fraud with the phone company, now known as MCI.

The settlement allows Citigroup to put behind it one of the largest civil suits from its alleged involvement in numerous fraud cases from the late 1990s stock market bubble.

Citigroup, which admitted no wrongdoing in the settlement, said it has increased its reserve for other pending class-action cases against it to $6.7 billion. That figure excludes the WorldCom settlement costs.

Citigroup said it would take an after-tax charge of $4.95 billion, or 95 cents per share, in the current second quarter for the WorldCom settlement and increased reserves.
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More:
http://reuters.com/newsArticle.jhtml?type=businessNews&storyID=5091228

http://www.citigroup.com/citigroup/press/2004/040510a.htm

$9 billion in fraud 'settlements' but there's no wrongdoing? Where is the criminal case? Does something have to grow into a trillion dollar S&L scandal before the gov't starts doing its job?

Isn't Bernie Ebbers in the middle of legal proceedings?