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Citigroup To Pay $2.65 Billion In Class Action Settlement
The Citigroup Defendants in the WorldCom securities class action have agreed to pay a total of $2.65 billion to settle all claims asserted against them in that action, Alan G. Hevesi, New York State Comptroller and sole Trustee of the New York State Common Retirement Fund and Court-appointed Lead Plaintiff, announced today. This is the second largest settlement in securities class action history, and represents the largest amount ever recovered in a securities class action from a party other than the company that issued the subject securities.
“With this settlement, we have gained an extraordinary recovery for WorldCom bondholders and stockholders. This settlement, while historic, is only the first step. We will continue to pursue our claims against the others who bear responsibility for the debacle at WorldCom, including the remaining 17 underwriters, WorldCom’s auditor, Arthur Andersen, and the former directors and senior officers of WorldCom,” Hevesi said. He continued: “This settlement should serve as a wake-up call to those on whom the investing public depends to guard against corporate corruption such as occurred at Worldcom. Citigroup is a very important financial institution for the nation and New York. We are gratified that Citigroup has put this issue behind it. I would like to particularly thank Citigroup CEO Charles Prince for his leadership in bringing about this settlement and mediators Judge Robert Sweet and Magistrate Judge Michael Dolinger for their essential assistance.”
Hevesi is the Court-appointed Lead Plaintiff in the consolidated securities class action, In re WorldCom, Inc. Securities Litigation, which is pending before Judge Denise Cote in federal court in Manhattan. Hevesi was joined at the press conference announcing the settlement by former New York State Comptroller H. Carl McCall, who initiated the suit. The defendants who have agreed to settle are Citigroup, Inc., Citigroup Global Markets, Inc. (formerly known as Salomon Smith Barney, Inc.), Salomon Brothers International Limited, and former securities analyst Jack Grubman. Together they are the “Citigroup Defendants.”
The settlement resolves all claims asserted against the Citigroup Defendants in the WorldCom securities class action, which fall into two categories: claims arising from WorldCom’s public bond offerings in 2000 and 2001, and claims arising out of the purchase of publicly-traded WorldCom securities in the open market between April 29, 1999 and June 25, 2002 (the “Class Period”).
There are a few criticisims to class action lawsuits.
There are several criticisms of class action lawsuits. The preamble to the Class Action Fairness Act stated that class actions harmed class members with legitimate claims and defendants that have acted responsibly; adversely affected interstate commerce; and undermined public respect for the country's judicial system. Class members often receive little or no benefit from class actions.
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Definition:
Lodestar refers to an award of attorney fees made by the court, based on time and hourly fees of the attorney. Lodestar maybe adjusted depending to underlying circumstances.
Representative plaintiff
Definition:
A person named in a class action litigation as the plaintiff as contrasted with ?absent? class members who are not individually named, but are only the class by virtue of the class definition.
Liasion counsel
Definition:
A liaison counsel is a mediator, an attorney that facilitates communication between the court and the class action members.
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