Citigroup Inc. and Allied Irish Banks Plc settled a 12 1/2-year dispute over claims the U.S. bank helped rogue AIB currency trader John Rusnak hide almost $700 million.
AIB had sought $872 million in the lawsuit filed in Manhattan federal court.
AIB and Citibank agreed to drop lawsuits against each other, according to a filing with the court Wednesday. Details of the settlement weren’t revealed in the letter.
AIB officials weren’t immediately available to comment on the settlement after regular business hours in Dublin.