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Traffic blocked for Highway 42 northbound at I-43 intersection due to tipped tanker truck

TOWN OF SHEBOYGAN, WI (WHBL) -  Traffic is closed to part of the I-43/Highway 42 intersection due to a tipped tanker truck at one of the roundabouts. The incident occurred around 9:45 this morning on the south roundabout, the one closer to Texas Roadhouse and Hardees.  Sheboygan County Sheriff's Sgt. Doug Tuttle said the situation is not hazardous and no major leakage from the tanker is taking place. For now, all traffic on Highway 42 towards Howards Grove at the roundabout is clo...

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Citigroup agrees to pay $730 million to settle with investors

People exit a Citibank branch in New York, October 16, 2012. REUTERS/Keith Bedford
People exit a Citibank branch in New York, October 16, 2012. REUTERS/Keith Bedford

By Karen Freifeld

NEW YORK (Reuters) - Citigroup Inc has agreed to pay $730 million to settle a class action lawsuit on behalf of investors who said they were misled by the company's disclosures.

Purchasers of the bank's debt and preferred stock between 2006 and 2008 claimed there were misstatements and omissions in the disclosures, Citigroup said in a statement announcing the proposed settlement.

The investors accused the bank of bank understating loss reserves for its high-risk residential mortgage loans and falsely stating risky assets were of high credit quality, according to Bernstein Litowitz Berger & Grossman, a law firm that represented pension funds and other investors in the case.

The bank denied the allegations and said it was entering into the settlement to end the litigation. It said the settlement would be covered by existing litigation reserves.

"This settlement is another significant step toward resolving our exposure to claims arising from the financial crisis," the bank said in its statement.

The class action was filed on behalf of purchasers of 48 offerings of preferred stock and bonds, the law firm said.

The proposed settlement, which will be reviewed by U.S. District Court Judge Sidney Stein in New York, comes after more than four years of litigation.

(Reporting By Karen Freifeld; Editing by Carol Bishopric, Bernad Orr)

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