August 7, 2008
Citigroup Nearing Settlement on ARS Charges
The Wall St. Journal reports that Citigroup is reaching agreement with the New York Attorney General, other state regulators and the SEC over its marketing of auction rate securities. The settlement would require Citigroup to buy back $5-$8 billion of ARSs from its retail customers and pay hefty penalties to the state regulators. UBS has previously settled charges over its ARS sales with the Massachusetts regulator and is also in negotiations with other state regulators and the SEC. WSJ, Citigroup May Pressure Other Firms With Deal on Auction-Rate Securities.
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