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Citigroup settles gender class action suit for $33 million

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May 1, 2008

SAN FRANCISCO—A federal court on Wednesday granted preliminary approval of a $33 million settlement involving a gender class action suit against Citigroup Inc.'s Smith Barney division, according to the plaintiffs lawyers.

The suit was brought on behalf of all women employees who worked as financial advisers at Smith Barney's U.S. retail brokerage branches any time between Aug. 24, 2003 and March 1, or in the California branches from June 25, 2003 through March 1

The suit alleged Smith Barney discriminated against female financial advisers in compensation and business opportunities.

Citigroup did not immediately return calls seeking comment.

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