UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 2, 2005
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Citigroup Inc.
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(Exact name of registrant as specified in its charter)
Delaware 1-9924 52-1568099
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
399 Park Avenue, New York, New York 10043
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(Address of principal executive offices) (Zip Code)
(212) 559-1000
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(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Citigroup Inc.
Current Report on Form 8-K
Item 8.01 Other Events.
On March 2, 2005, Citigroup Inc. issued a press release announcing it has
settled class action litigation brought on behalf of purchasers of Global
Crossing securities.
A copy of the above-referenced press release is being filed as Exhibit
99.1 to this Form 8-K and is incorporated herein by reference in its entirety.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits
Exhibit Number
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99.1 Press Release, dated March 2, 2005, issued by Citigroup Inc.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: March 2, 2005 CITIGROUP INC.
By: /s/ Michael S. Helfer
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Name: Michael S. Helfer
Title: General Counsel and Corporate Secretary
EXHIBIT INDEX
Exhibit Number
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99.1 Press Release, dated March 2, 2005, issued by Citigroup Inc.
Exhibit 99.1
[CITIGROUP LOGO]
For immediate release
Citigroup Inc. (NYSE symbol: C)
March 2, 2005
Citigroup Reaches Settlement on Global Crossing
Class Action Litigation for $75 Million
New York, New York - Citigroup today announced it has settled class action
litigation brought on behalf of purchasers of Global Crossing securities which
was pending in the United States District Court for the Southern District of
New York as In re Global Crossing Ltd. Securities Litigation, No. 02 Civ. 910
(GEL).
Under the terms of the settlement, Citigroup will make a payment of $75 million
pre-tax, approximately $46 million after tax, to the settlement class, which
consists of all investors in publicly traded securities of Global Crossing or
Asia Global Crossing during the period from February 1, 1999, through and
including December 8, 2003.
The plaintiffs currently contemplate allocating two-thirds of the settlement
amount to investors in underwritten public offerings of Global Crossing
securities and one third to other investors in Global Crossing securities; the
terms of the settlement and the final plan of allocation will be subject to
review by the Court. Plaintiffs' attorneys' fees will be determined by the
Court and paid out of the settlement amount.
In the settlement agreement, Citigroup specifically denied any violation of law
and stated that it was entering into the settlement "solely to eliminate the
uncertainties, burden and expense of further protracted litigation." The
settlement payment is covered by existing reserves and is part of Citigroup's
effort to resolve open litigation issues promptly and fairly whenever possible.
# # #
Media: Leah Johnson (212) 559-9446
Shannon Bell (212) 793-6206
Investors: Arthur Tildesley (212) 559-2718
John Randel (212) 559- 5091
Citigroup (NYSE: C), the leading global financial services company, has some
200 million customer accounts and does business in more than 100 countries,
providing consumers, corporations, governments and institutions with a broad
range of financial products and services, including consumer banking and
credit, corporate and investment banking, insurance, securities brokerage, and
asset management. Major brand names under Citigroup's trademark red umbrella
include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and
Travelers Life and Annuity. Additional information may be found at
www.citigroup.com.
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