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Citigroup To Pay $2.65 Billion In Class Action Settlement
The Citigroup Defendants in the WorldCom securities class action have agreed to pay a total of $2.65 billion to settle all claims asserted against them in that action, Alan G. Hevesi, New York State Comptroller and sole Trustee of the New York State Common Retirement Fund and Court-appointed Lead Plaintiff, announced today. This is the second largest settlement in securities class action history, and represents the largest amount ever recovered in a securities class action from a party other than the company that issued the subject securities.
“With this settlement, we have gained an extraordinary recovery for WorldCom bondholders and stockholders. This settlement, while historic, is only the first step. We will continue to pursue our claims against the others who bear responsibility for the debacle at WorldCom, including the remaining 17 underwriters, WorldCom’s auditor, Arthur Andersen, and the former directors and senior officers of WorldCom,” Hevesi said. He continued: “This settlement should serve as a wake-up call to those on whom the investing public depends to guard against corporate corruption such as occurred at Worldcom. Citigroup is a very important financial institution for the nation and New York. We are gratified that Citigroup has put this issue behind it. I would like to particularly thank Citigroup CEO Charles Prince for his leadership in bringing about this settlement and mediators Judge Robert Sweet and Magistrate Judge Michael Dolinger for their essential assistance.”
Hevesi is the Court-appointed Lead Plaintiff in the consolidated securities class action, In re WorldCom, Inc. Securities Litigation, which is pending before Judge Denise Cote in federal court in Manhattan. Hevesi was joined at the press conference announcing the settlement by former New York State Comptroller H. Carl McCall, who initiated the suit. The defendants who have agreed to settle are Citigroup, Inc., Citigroup Global Markets, Inc. (formerly known as Salomon Smith Barney, Inc.), Salomon Brothers International Limited, and former securities analyst Jack Grubman. Together they are the “Citigroup Defendants.”
The settlement resolves all claims asserted against the Citigroup Defendants in the WorldCom securities class action, which fall into two categories: claims arising from WorldCom’s public bond offerings in 2000 and 2001, and claims arising out of the purchase of publicly-traded WorldCom securities in the open market between April 29, 1999 and June 25, 2002 (the “Class Period”).
A lead plaintiff stands in for and acts on behalf of the other class memebers in the litigation.
A lead plaintiff is a representative person(s) or party appointed by the court to stand in for and act on behalf of the other class members in th elitigation. To appoint a lead plaintiff, a court must determine that the proposed plaintiff's claims
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Definition:
A lawsuit for the primary purpose to prevent someone to continue a certain act is called injunctive relief class
Numerosity
Definition:
Numerosity refers to the improper number of class members who would like to actively participate and the court decided that it would be impractical to have the entire number take part in the litigation.
Collusion
Definition:
A collusion entails an informal agreement between plaintiff and defendant.
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