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Thursday, April 8, 2010

Citibank (NYSE:C) Reaches Agreement with Spain

Clients who lost money because of investments in Citibank (NYSE:C) will be compensated, as the bank agreed to pay about $80 million to the alleged victims.

This is in relationship to clients of Lehman, which Citibank was marketing their products to those in the country with modest savings and supposedly wasn't in their best interests to invest in.

Oddly, many of those being compensated weren't even Lehman clients, but the banks of some of the people had invested in the products, which caused losses when Lehman collapsed.

Those who agree to the deal will receive their money up till May 7.

Most of those affected by the failure of Lehman Brothers are expected to take the offer.

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