US judge backs Citigroup settlement

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Citigroup

Reuters.

People exit a Citibank branch in New York.

New York - A US judge gave final approval Thursday to a $590 million settlement by Citigroup Inc, resolving a shareholder lawsuit accusing the bank of hiding tens of billions of dollars of toxic mortgage assets.

But US District Judge Sidney Stein in Manhattan, who had previously questioned the fairness of the settlement, awarded substantially lower fees and expenses than sought by the plaintiffs lawyers.

The lead plaintiffs' lawyers will receive $73.6 million instead of the roughly $100 million they had requested. - Reuters

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