Monday, November 28, 2011

News Alert: Judge strikes down Citigroup's $285 million settlement with SEC

Monday, November 28, 2011 12:23:08 PM
WASHINGTON POST NEWS ALERT

Judge strikes down Citigroup's $285 million settlement with SEC

A federal judge in New York has struck down a $285 million settlement
that Citigroup reached with the Securities and Exchange Commission,
citing a need for truth about the financial markets.

The deal would have imposed penalties on Citigroup even as it allowed
the company to deny allegations that it misled investors on a complex
mortgage investment. The SEC has accused the bank of betting against
the investment in 2007 and making $160 million, while investors lost
millions.


Read more at:
http://www.washingtonpost.com/national/judge-in-ny-strikes-down-285-million-citigroup-settlement-with-sec-over-mortgage-investment/2011/11/28/gIQAVtqD5N_story.html

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