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Wednesday, March 02, 2005

Citigroup Reaches Settlement on Global Crossing - But Denies Breaking the Law

Tampa Bay Online - AP Report: Citigroup Reaches Settlement on Global Crossing Litigation

Excerpt:.... NEW YORK (Dow Jones/AP) - Citigroup Inc. said Wednesday it has settled class-action litigation brought on behalf of purchasers of Global Crossing Ltd. securities, but specifically denied any violation of law.

The suit alleged that insiders sold artificially inflated Global Crossing stock while in possession of material, non-public information.

Citigroup will pay $75 million pretax, or $46 million after tax, to the settlement class, which consists of all investors in publicly traded securities of Global Crossing or Asia Global Crossing during the period from Feb. 1, 1999, through Dec. 8, 2003.

Click Here for Full Report

Hard View: So let's get this right, they are paying off those sueing them but refuse to say they broke the law. Hmmmmmm.

Can anyone who robbed a bank return the money and say, ' it wasn't me '?

Comments, Opinions Anyone? Blog It On!


Blogger Ozymandias_kzx said...

It’s sounds like the malpractice suit settlements. Pay the victims as little as possible and do not admit fault. Just like the bush administration WMD’s oh no WMD’s Lets try Iraqi Freedom. When is America going to figure out that the corporations want to bleed us dry for their short term gains. The people who are not the CEO’s in these corporations are the dumbest of all because they will be flushed down the rat hole with the rest of us. These criminal organizations will be taken to task when we wake up until then just bend over and enjoy because it seems to me that’s what America wants these days. It’s all about hard work and sacrifice for the benefit of the corporations. Face it America your government is controlled by the Neocon Death Machine. They lie to you and you buy it! What do you expect from Citigroup or any other criminal Corporation? ENJOY.

6:02 PM, March 02, 2005  

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