Citigroup Inc. said Wednesday it has settled a lawsuit against three former executives of subsidiary Nikko Cordial Corp., ending a two-year court battle stemming from an accounting scandal at the firm.
Citigroup settled with Junichi Arimura, the former chief executive officer of Nikko Cordial, and two other former managers, on June 10, according to Nikko Citi Holdings Inc. spokesman Yoshito Shimoyama.
He declined to give details on the settlement. Nikko Cordial sued the three executives for ¥3.4 billion in April 2007.