Reuters apologises over May 2022 Citi 'flash crash' article
March 22 (Reuters) - Reuters said on Wednesday it accepted that an article it published on May 10 2022 could have been understood to mean that Ali Omari, then head of a trading unit at Citigroup in London, was personally involved in causing a "flash crash" which led to declines in European stock markets.
In a statement, Reuters said this was incorrect, since Omari, former EMEA Head of Delta One Forwards and Sectors, had no involvement in the Citi trade that triggered the flash crash. A May 25 2022 letter from Citi (C.N) confirmed this, the Reuters statement said.
In addition to apologising for the distress the article caused Omari, the news agency also agreed to pay Omari compensation and legal costs.
Following its initial story on May 10, Reuters published a corrected version on May 11.
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