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Citigroup Settles Defamation Suit

TORONTO-Citigroup Global Markets donates $1.7 million to the Peter Munk Cardiac Centre at the Toronto General Hospital to settle a lawsuit brought by Monk, chairman of Trizec Properties, after Analyst Jonathan Litt allegedly made false claims during a conference call in 2002.

By Brian K. Miller | Updated on March 30, 2005

TORONTO-Citigroup Global Markets Inc. paid $1.7 million to settle a defamation suit brought by Trizec Properties chairman Peter Munk. The money went to the Peter Munk Cardiac Centre at the Toronto General Hospital.Monk filed the lawsuit against Citigroup’s Smith barney Unit and analyst Jonathan Litt in September 2003, asking for $33 million in damages. Monk accused Litt of making false and defamatory statements during a 2002 conference call and a subsequent research note by suggesting that Trizec’s switch to a REIT benefited Munk at the expense of investors. Other details of the settlement weren’t released and a Trizec spokesperson declined comment, however reports out of Canada say the settlement also included Citigroup paying all of the related legal costs incurred by Munk, Trizec Properties and Trizec Canada Inc. In a press release, Citigroup “apologizes for any embarrassment that the statements may have caused Mr. Munk and the Trizec companies… .”Citigroup spokesman Duncan Smith tells GlobeSt.com the company is making only one comment in addition to its press release: “We continue to fully support the independence of our analysts.”

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