Finance

Allied Irish, Citigroup settle litigation over rogue trader

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Window washers work above a logo of Citibank in downtown Buenos Aires March 17, 2015. REUTERS/Enrique Marcarian Thomson ReutersWindow washers work above a logo of Citibank in downtown Buenos Aires

NEW YORK (Reuters) – Citigroup Inc has settled long-running litigation in which Allied Irish Banks Plc accused it of helping rogue currency trader John Rusnak rack up a $691 million loss.

An order announcing the dismissal of the 12-1/2-year-old case was filed on Thursday with the U.S. District Court in Manhattan.

The dismissal averts a trial that had been scheduled to begin on Jan. 25. Citigroup also resolved related claims against Buffalo, New York-based M&T Bank Corp .

(Reporting by Jonathan Stempel in New York)

Read the original article on Reuters. Copyright 2016. Follow Reuters on Twitter.

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