Global settlement.Global Settlement: Citigroup Citigroup U.S. holding company formed in 1998 from the merger of Citicorp (itself a holding company incorporated in 1967) and Travelers Group, Inc. The $70 billion merger included one of the largest U.S. investment banks, Salomon Smith Barney Inc. Inc. agreed to pay $75 million to settle a 3-year-old lawsuit lawsuit: see procedure; tort. brought by investors over the banking group's role in the collapse of Global Crossing Ltd. The settlement includes an undisclosed contribution from Jack Grubman, the former star telecom analyst for Citigroup's Salomon Noun 1. Salomon - American financier and American Revolutionary War patriot who helped fund the army during the American Revolution (1740?-1785) Haym 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. unit. The class-action lawsuit accused the New York-based bank of pumping up research reports, failing to report conflicts of interest, and eventually costing the plaintiffs millions of dollars in losses. |
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