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Released: October 20, 2011
Citigroup to pay to investors in negligence suit
Source: David Hilzenrath, Washington Post & Bloomberg (Free Registration)
Federal regulators charged a Citigroup unit with negligence Wednesday, saying it sold a $1 billion investment product tied to the weakening housing market in 2007 without telling investors it was using the instrument to bet against them.
Citigroup agreed to pay a settlement of $285 million, which will be distributed to investors, the Securities and Exchange Commission said. Under the settlement, which is subject to court approval, Citigroup neither admitted nor denied wrongdoing.
Read Full Article: Citigroup to pay to investors in negligence suit
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