NEW YORK: Citigroup Inc’s decision to settle lawsuits involving WorldCom Inc. and set aside US$6.7bil for pending legal bills may force other banks to take similar actions, hurting profit, analysts said.
Without admitting wrongdoing, Citigroup said on Monday it agreed to pay US$2.65bil, or US$1.64bil after tax, to settle claims it hid risks from WorldCom’s stock and bond investors.
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