Citigroup Inc. ’s $75 million settlement over claims it failed to disclose $40 billion in subprime-related holdings was approved by a federal judge in a lawsuit brought by the U.S. Securities and Exchange Commission.
Charles O. “Chuck” Prince and Robert Rubin were among Citigroup Inc. officials who knew 2007 losses were mounting on mortgage assets that U.S. regulators have faulted the bank for not disclosing, a court filing shows.
The U.S. Securities and Exchange Commission’s internal watchdog is reviewing an allegation that Robert Khuzami , the agency’s top enforcement official, gave preferential treatment to Citigroup Inc . executives in the agency’s $75 million settlement with the firm in July.
The U.S. Securities and Exchange Commission urged a U.S. judge to approve Citigroup Inc.’s $75 million settlement with regulators over claims the bank misled investors by failing to disclose $40 billion in subprime-related holdings.
Citigroup Inc. failed yesterday to win a judge’s approval to pay $75 million to settle with the U.S. Securities and Exchange Commission over claims the bank misled investors by understating subprime-related holdings.