Citi, SEC Said To Be In Talks On Asset-Probe Deal

Law360, New York (May 28, 2009, 12:00 AM EDT) -- Citigroup Global Markets Inc. is reported to have begun early settlement talks with U.S. Securities and Exchange Commission attorneys over an investigation into whether Citi failed to take proper steps to alert investors to the amount of toxic mortgage-backed assets it held as the market began imploding in 2007.

Citi was one of several major financial organizations holding the troubled assets under scrutiny by the SEC, after third-quarter 2007 earnings reports revealed major losses resulting from steep credit downgrades on the mortgage-backed securities, and the new...
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