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Citi's Repayment of TARP Funds

Cravath partners Robert D. Joffe and B. Robbins Kiessling advised the Independent Directors of Citigroup in connection with Citigroup’s agreement with the U.S. government and its regulators to repay U.S. taxpayers for the $20 billion the government holds in TARP trust preferred securities and to terminate the loss-sharing agreement with the government, as well as the concurrent issuance by Citigroup of $17 billion of common stock and $3.5 billion of tangible equity units comprised of prepaid common stock purchase contracts and subordinated notes.