SEC Defends $285M Citigroup Settlement Over Bum CDO

Law360, New York (November 7, 2011, 5:38 PM EST) -- The U.S. Securities and Exchange Commission told a leery judge Monday that a $285 million settlement with Citigroup Inc. would adequately resolve allegations that the bank bet heavily against a $1 billion mortgage-related collateralized debt obligation it had touted to investors.

In a motion for approval in New York federal court, the SEC addressed a set of nine questions laid out last month by U.S. District Judge Jed S. Rakoff, who will weigh the arguments in a hearing on Wednesday.

"Nothing about this resolution makes a...
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Case Information

Case Title

U.S. Securities and Exchange Commission v. Citigroup Global Markets Inc.


Case Number

1:11-cv-07387

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

Jed S. Rakoff

Date Filed

October 19, 2011

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