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A Manhattan judge is questioning whether Citigroup's (C ) proposed $590M settlement of a...

A Manhattan judge is questioning whether Citigroup's (C ) proposed $590M settlement of a shareholder lawsuit alleging a corporate coverup of billions in subprime-related losses is fair. At issue is whether former Citi officials should be absolved from financial responsibility. Judge Sidney Stein posed the following question to both the defendant and the plaintiffs: "Does the absence of any payments from the individual defendants render the settlement unfair to class members who still hold Citigroup stock they purchased during the class period?"
Comments (4)
  • Skull & Bones
    , contributor
    Comments (59) | Send Message
     
    The real question is, "Will the rule of law ever apply to large financial institutions when the effect of enforcing said laws run counter to the will of the Federal Government's attempts to strengthen the banks ". The answer is NO.
    2 Apr 2013, 04:17 AM Reply Like
  • Aristiphones
    , contributor
    Comments (1327) | Send Message
     
    "NO" what? the Federal Government's WILL will strengthen the Banks...or the Federal Government WILL strengthen the Banks? and why is the Judge posing a question and calling it a ruling? "Are you a shareholder"? comes to mind.
    2 Apr 2013, 07:57 AM Reply Like
  • gussieboy
    , contributor
    Comments (26) | Send Message
     
    To fine Citi and not claw back illicit salaries paid to Rubin and Prince makes no sense at all. After all, it was those two miscreants that caused the whole disaster in the first place. Certainly they should pay! Actually they should be in prison for what they did.
    2 Apr 2013, 11:00 AM Reply Like
  • ammarmalhas
    , contributor
    Comments (10) | Send Message
     
    Anyone knows what is going on with this settlement? Can anyone guide me where I can read more about it and who are behind the lawsuit and the settlement. How do I contact these people?
    I am a share holder and I filed for compensation for what took place in 2007-2008, I had many shares then and my losses will never be recovered!
    23 Jul 2013, 09:02 PM Reply Like
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