Citigroup Inc.

The University of California filed a lawsuit against the bank regarding its role in the 2002 collapse of WorldCom Inc. The university was an investor of WorldCom before it filed for bankruptcy in July 2002. The university claimed the former telecommunications analyst at Citigroup's Salomon Smith Barney unit issued unreasonably positive research reports on WorldCom in exchange for winning investment banking business. The San Francisco Superior Court has awarded the University of California a $13.5 million settlement. (Apr-06-06) [REUTERS]

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