Read the latest news relating to investor claims and broker fraud.

Citigroup Reaches $285 Million Settlement with SEC

Posted on Nov 04, 2011

Citigroup has neither admitted nor denied charges brought against the bank by the SEC. However, the bank has agreed to pay $285 million to settle civil fraud charges. The charges stemmed from allegations that the bank misled investors prior to the beginning of the recent financial crisis. The investments in dispute were collateralized debt obligations backed by other assets, such as mortgages.

The SEC has said that the $285 million settlement includes the fees and profits earned by the bank, $30 million in interest, and a $95 million penalty. The SEC plans to return money to investors.

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