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Citigroup to Pay $2.65 Billion in WorldCom Settlement

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Citigroup to Pay $2.65 Billion in WorldCom Settlement

Business

Citigroup to Pay $2.65 Billion in WorldCom Settlement

Citigroup to Pay $2.65 Billion in WorldCom Settlement

  • Download
  • <iframe src="https://www.npr.org/player/embed/1891542/1891543" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">

Citigroup agrees to pay $2.65 billion to settle a class-action suit brought by investors over its role in the WorldCom scandal. Citigroup's Salomon Smith Barney issued optimistic research reports on WorldCom and helped it raise money by selling its securities. The money will be paid to those who held company shares between 1999 and 2002, when the telecom giant declared bankruptcy. NPR's Jim Zarroli reports.

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