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Allied Irish, Citigroup settle litigation over rogue trader

Reuters - UK Focus

NEW YORK, Jan 14 (Reuters) - Citigroup Inc (NYSE: C - news) 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 (Other OTC: UBGXF - news) . District Court in Manhattan (Hamburg: 32U.HM - news) .

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)