Citigroup Statement on The Wall Street Journal Report on Lawsuit on Behalf of New York State Common Retirement Fund.Business Editors NEW YORK--(BUSINESS WIRE)--Oct. 14, 2002 In response to today's Wall Street Journal story about a complaint filed Friday in the U.S. District Court for the Southern District of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of by State Comptroller The power of the Knesset to supervise and review government policies and operations is exercised mainly through the state comptroller (Hebrew: מבקר המדינה H. Carl McCall The Rev. H. Carl McCall (born October 17, 1935, in Boston, Massachusetts) is a former Comptroller of New York State and was the Democratic candidate in the 2002 election for state governor. on behalf of the New York State Common Retirement Fund, Citigroup said: "While we have still not been served with the complaint, allegations that there was some impropriety in Travelers' loans to Joshua Timberland are just plain wrong. The loans, done as a participant with three other major insurance companies, total approximately $499 million (of which Travelers Life and Annuities has approximately $82 million and Travelers Property Casualty has approximately $52 million), rather than $679 million as misreported and were and are fully secured by timber properties and contracts, not WorldCom stock. The financing had nothing to do with either any individuals from or the business of Salomon Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. , or WorldCom stock. "In fact, agricultural and timber financing is a more than 100 year old business for Travelers, and our discussions about financing a sale of the properties ultimately acquired by Joshua Timberland began well before that entity got involved as a potential buyer." Citigroup (NYSE NYSE See: New York Stock Exchange : C), the preeminent global financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Salomon Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com. |
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