Citigroup and Allied Irish Settle Dispute Over Rogue Trader

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.

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