SEC Urges Approval of Citigroup Subprime Settlement
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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.
U.S. Judge Ellen Huvelle was initially dissatisfied with the written proposal and had sought more information before approving the accord. She had given lawyers a deadline of today to submit a new round of court filings.