NEW YORK (TheStreet) -- Shares of Citigroup (C) - Get Report closed up 2.35% to $46.94 on Wednesday as the New York City-based financial services company settled a $425 million civil lawsuit charging it with trying to manipulate foreign exchange and interest rate benchmarks, Reuters reports.
Citigroup affiliates were also charged by the Commodities Futures Trading Commission of false reporting in connection with ISDAFIX benchmark rates and U.S. dollar Libor rates, during the time period of 2007 to 2012, as a way to protect the company's reputation during the financial crisis.
The settlement adds to 17 charges by the commission against banks and brokers for manipulating benchmarks, bringing the total penalty amount to $5 billion, according to Reuters.
"These settlements represent a significant step for Citi in resolving its legacy benchmark rate investigations," said Danielle Romero-Apsilos, Citigroup spokeswoman.
Separately, TheStreet Ratings rated Citigroup as a "hold" with a score of C+.
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon.
Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
The primary factors that have impacted this rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.
The company's strengths can be seen in multiple areas, such as its attractive valuation levels, expanding profit margins and notable return on equity.
However, as a counter to these strengths, TheStreet Ratings also finds weaknesses including unimpressive growth in net income, weak operating cash flow and a generally disappointing performance in the stock itself.
Highlights from the analysis by TheStreet Ratings Team goes as follows:
You can view the full analysis from the report here: C