Judge to Approve $75 million Citi Settlement
September 27th

• Federal District Judge Ellen Segal Huvelle said Friday she would approve of a $75 million settlement between Citi bank and the SEC.
• The case currently in progress between the SEC and Citi is over misstatements relating to the exposure of roughly $40 billion in subprime mortgage securities.
• The misstatements by Citi were made in the fall of 2008.
• The settlement has received wide criticism, as many see it punishing already victimized shareholders.
• Citi and the SEC both hold, however, that although the company had poor disclosure procedures, they did not have the intention of deliberately misleading shareholders.

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