Citigroup Agrees to Settle Securities Fraud Class Action for $590 Million

Citigroup and plaintiffs have agreed to settle for $590 million a securities fraud class action lawsuit that alleged that officers and directors "concealed the company's failure to write down impaired securities containing subprime debt" when it became apparent that the collapse in the mortgage market would require writedowns.  Citigroup issued a statement, saying it "will be pleased to put this matter behind us."  The settlement is subject to the approval of Judge Stein (S.D.N.Y.)  NYTimes, Citigroup in $590 Million Settlement of Subprime Lawsuit