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Securities Regulation Keyed to Cox
Securities and Exchange Commission v. Citigroup Global Markets
Citation:
752 F.3d 285 (2014)Facts
In October 2011, the SEC filed a complaint against Citigroup alleging negligent misrepresentation regarding the Class V Funding III, a billion-dollar collateralized debt obligation fund. The SEC alleged that Citigroup exercised significant influence over selecting $500 million of the fund’s assets, primarily subprime mortgage-backed securities, while telling investors an independent advisor made the selections. Citigroup allegedly took a short position against these negatively projected assets, profiting approximately $160 million while investors suffered substantial losses. The proposed consent decree included a permanent injunction, $160 million disgorgement, $30 million prejudgment interest, $95 million civil penalty, agreement not to seek offsets against investor damages, and internal compliance changes for three years, all without admission of liability.
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