Citigroup To Buy Back $19.5B In ARS, Pay $100M Fine

Law360, New York (August 7, 2008, 12:00 AM EDT) -- In a landmark settlement announced Thursday, Citigroup Inc. has agreed to buy back $19.5 billion in auction rate securities and pay a $100 million fine to settle allegations that it fraudulently misrepresented the liquidity of the investments to customers.

The agreement makes Citigroup the first Wall Street firm to settle with a group of federal and state authorities that includes the office of New York Attorney General Andrew Cuomo, the U.S. Securities and Exchange Commission and other state securities regulators, following investigations into the collapse of...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.