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SAN FRANCISCO (AP) - Citigroup Inc. will pay $13.25 million to the University of California to settle allegations linking the financial services company to the accounting fiasco that toppled WorldCom Inc. nearly four years ago.
The settlement announced Thursday is the latest in a series of investor lawsuits targeting Citigroup for its business ties with WorldCom, the telecommunications company that plunged into bankruptcy in July 2002 after revealing that its profits had been grossly exaggerated.
The legal fallout so far has cost New York-based Citigroup more than $2.65 billion. Most of that money covered a settlement of a federal class-action lawsuit approved last year.
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