US SEC and Citigroup defend $75 million subprime settlement
US SEC and Citigroup defend $75 million subprime settlement
WASHINGTON, DC – The US Securities and Exchange Commission (SEC) and Citigroup have been forced to defend a proposed settlement that would see the bank pay $75 million to settle charges of misleading investors. Citi agreed to settle SEC charges brought on July 29 that alleged the bank had intentionally misled investors about the company’s exposure to subprime assets.
Ellen Segal Huvelle, the US District Court judge for the District of Columbia due to approve the settlement, said she was “baffled
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