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Citigroup Inc. offered to compensate more than 2,700 investors who bought Lehman Brothers Holdings Inc. structured notes distributed in Spain, buying them back for 55 percent of their nominal value in cash.
Under an agreement reached with the Spanish consumer protection association ADICAE and law firms Zunzunegui and Jausas, the bank will offer compensation to investors with 78 million euros ($104 million) invested in the Lehman products without admitting any legal liability, Citigroup's Spanish unit said in a statement today.
Lehman filed for the biggest bankruptcy in U.S. history in September 2008, also hurting investors in Spain who had bought products linked to the failed investment bank. The investors will have until May 7 to accept its offer, said Citigroup, which distributed the Lehman notes in Spain.
Barcelona-based Jausas sent a copy of a news release from Citigroup, ADICAE, Zunzunegui and Jausas by e-mail today. A spokesman for Citigroup in Madrid confirmed the statement in a phone interview.
