Allstate, Citigroup Settle Mortgage-Backed Securities Suit (2)

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Allstate, Citigroup Settle Mortgage-Backed Securities Suit

Allstate, Citigroup Settle Mortgage-Backed Securities Suit

Another confidential settlement for Citi!


Business week-

Allstate Corp. (ALL) and Citigroup Inc. (C) agreed to settle a lawsuit filed by the insurer in New York state court accusing the bank of fraudulently selling hundreds of millions of dollars of mortgage-backed securities.

Allstate, the largest publicly traded U.S. home and auto insurer, sued Citigroup in State Supreme Court in Manhattan in 2011, along with banks including Deutsche Bank AG, Bank of America Corp. and Morgan Stanley.

The Northbrook, Illinois-based insurer, which said in the suit that it bought more than $200 million of securities from New York-based Citigroup that were backed by residential mortgages, voluntarily discontinued the case, according to a court filing dated yesterday.

[BUSINESS WEEK]

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