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Citi to settle legacy securities claims, incur $100 million charge

A man walks past a Citibank branch in lower Manhattan, New York October 16, 2012. REUTERS/Carlo Allegri

(Reuters) - Citigroup Inc said it would pay $1.12 billion to settle legacy securities and other claims and incur a related charge of $100 million in the first quarter.

The bank reached the agreement with 18 institutional investors and said the settlement had resolved a significant legacy issue left over from the financial crisis.

(Reporting by Avik Das in Bangalore)