Citi sale

Citigroup said it will sell its private equity businesses and the man agement of certain funds to StepStone Group and Lexington Partners. Citi group said it is transfer ring “certain proprietary interests” in its $4 billion fund of funds, mezzanine funds, feeder funds and co-investment busi nesses.

Portugal cut

Portugal had its credit rating cut two notches to A1 at Moody’s Investors Service on prospects for weak economic growth and a growing debt bur den after the government allowed its budget deficit to balloon.

Broker fight

Charles Schwab sued units of Bank of America, Merrill Lynch, UBS AG and Bear Stearns over claims they lied or omitted information about mortgage-backed securities Schwab bought from them.

Glaxo settles

GlaxoSmithKline agreed to pay about $460 million to resolve a ma jority of lawsuits alleging the company’s Avandia diabetes drug can cause heart attacks and strokes.

eBay suit

Internet auction site eBay is being sued for $3.8 billion for allegedly infringing on patents held by XPRT Ventures for its payment systems.