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Citigroup, Hawaii End Dispute Over Auction-Rate Bonds


By: Douglas Wong and Christopher Palmeri | November 23, 2010

Nov. 24 (Bloomberg) -- Citigroup Inc. agreed to buy back $869 million of auction-rate securities it had sold to Hawaii and repay the state for losses on securities it had previously liquidated, Hawaii’s Attorney General Mark Bennett said.

The settlement means Hawaii’s taxpayers will lose no principal on their investments in the securities, Bennett said in a statement posted on his official website. Citigroup admits no wrongdoing and Hawaii won’t pursue claims against the bank, according to the statement.

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