Golden State Settles Citigroup Deal Suits
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Golden State Bancorp Inc. said it settled shareholder lawsuits after Citigroup Inc. agreed to reduce the fee the California thrift must pay if it backs out of its proposed sale to the world’s largest financial services company.
Golden State, the No. 3 U.S. thrift company, said it will pay Citigroup $42.5 million to $160 million if it cancels the deal. The bank had agreed to pay $117.5 million to $235 million.
Citigroup said in May that it would pay about $5.8 billion in cash and stock for San Francisco-based Golden State, which has 1.5 million customers and 352 branches on the West Coast, mostly in California.
The settlement with shareholders is subject to a court’s approval.
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