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Citi Settles
Citigroup will pay $75 million to settle charges it understated its exposure to bad subprime loans in the mortgage crisis.
The bank, one of several bailed out by the government after the meltdown of the markets caused by failing subprime loans, allegedly mislead investors in regulatory filings and on earnings calls about its exposure to the subprime market.
The SEC alleges Citi said subprime exposure in its investment banking unit was $13 billion when it was really more like $50 billion.
Citi did not admit or deny wrongdoing in its settlement of the charges.
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