CITIGROUP has agreed to pay $1.13 billion to settle claims by investors seeking that the lender buy back billions in residential mortgage-backed securities. The bank said Monday that the pact it reached with 18 institutional investors calls for Citigroup to make a binding offer to the trustees of 68 Citi-sponsored trusts that bundled $59.4 billion in home loans into securities from 2005 to 2008. The settlement offer, which must be approved by the trustees and the court, would release Citi from having to buy back mortgages sold to the trusts.
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YUM BRANDS, parent company of KFC, is testing a new chicken restaurant called Super Chix positioned as a more premium offering than KFC, in line with the trend toward foods people feel are higher in quality. The menu is fairly simple and lists a chicken sandwich, chicken tenders, fries and custard. The test comes after KFC ceded its position as the No. 1 chicken chain to Chick-fil-A in 2012 in terms of sales volume, according to food industry researcher Technomic.
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WORLD WRESTLING ENTERTAINMENT'S NEW ONLINE NETWORK has signed up about 667,287 subscribers and is projected to hit 1 million by the end of the year, which the company said was the magic number for the service to be break even. Launched on Feb. 24, the WWE Network costs subscribers $9.99 a month. Content includes access to all of WWE's pay-per-view events including Sunday's "Wrestlemania" event. There is also a library of vintage WWE programs available. Subscribers must make a six-month commitment.
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BOEING announced plans Monday to stop production of C-17 cargo jets at the company's sprawling Long Beach, Calif., plant three months earlier than it previously anticipated. The aerospace giant said Monday it will shutter the 1.1 million-square-foot facility in mid 2015 because of "current market trends and the timing of expected orders." The company said it expects to record $50 million in accounting charges in the first quarter as a result of Monday's announcement.
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CLOSING PRICE for Lands' End in its first day of trading since being spun off by Sears Holdings, down 3 percent from its opening price of $30.46