Defendant Name: Citigroup Inc.

Defendant Type: Public Company
SIC Code: 6021
CUSIP: 17296710

Initial Case Details

Legal Case Name SEC v. Citigroup Inc.
First Document Date 29-Jul-2010
Initial Filing Format Civil Proceeding
Case Number 10-cv-01277
Allegation Type Issuer Reporting and Disclosure
Federal District Court District of Columbia, District of Columbia

Violations Alleged

Exchange Act
Rule 12b-20
Sec 13(a)
Rule 13a-11
Securities Act
Sec 17(a)(2)


First Resolution Date 29-Jul-2010
Headline Total Penalty and Disgorgement

See Related Documents

Related Documents:

comp21605 29-Jul-2010 Complaint
On July 29, 2010, the SEC filed a complaint against Citigroup Inc. According to the SEC: "During the summer and fall of 2007, Defendant Citigroup Inc. ("Citigroup") made a series of material misstatements about its investment bank's exposure to sub-prim mortgages. Citigroup made these misstatements at a time of heightened investor and analyst interest in public company exposure to sub-prime mortgages."
LR-21605 29-Jul-2010 Litigation Release
SEC Charges Citigroup Inc. in Connection with Misleading Disclosures Regarding Its Exposure to Sub-Prime Assets. Company Consents to Injunction and Payment of a $75 Million Penalty
On July 29, 2010, the SEC published a litigation release announcing that it filed a settled civil action against Citigroup Inc. charging the company: "with misleading investors about the extent of the company's exposure to sub-prime mortgage-related assets during 2007."
2010-136 29-Jul-2010 Press Release--Civil Action
SEC Charges Citigroup and Two Executives for Misleading Investors About Exposure to Subprime Mortgage Assets; Citigroup Agrees to Pay $75 Million Penalty
On July 29, 2010, the SEC announced that it charged Citigroup Inc. ("Citigroup") with misleading investors about the company's exposure to subprime mortgage-related assets. According to the SEC's complaint filed in U.S. District Court for the District of Columbia, Citigroup, in response to intense investor interest on the topic, repeatedly made misleading statements in earnings calls and public filings about the extent of its holdings of assets backed by subprime mortgages. Between July and mid-October 2007, Citigroup represented that subprime exposure in its investment-banking unit was $13 billion or less, when in fact it was more than $50 billion. Without admitting or denying the SEC's allegations, Citigroup agreed to settle the charges. Citigroup consented to the entry of a final judgment that permanently enjoins it from future violation of the federal securities laws and agreed to pay a penalty of $75 million.
court_doc19_10-cv-01277 08-Oct-2010 Court Docket Document
Final Judgment as to Defendant Citigroup Inc.
On October 8, 2010, Federal District Judge Ellen S. Huvelle entered final judgment against Citigroup Inc. pursuant to the consent of Citigroup Inc.
court_doc80_10-cv-01277 31-Jan-2018 Court Docket Document
Plaintiff Securities and Exchange Commission's Motion to Approve Distribution Plan
The Commission stated: "the Commission respectfully requests that this Court enter the attached order for Approval of the Distribution Plan and grant such other relief as the Court deems just and proper."
court_doc80-2_10-cv-01277 15-Feb-2018 Court Docket Document
Minute Order Granting 80 Unopposed Motion to Approve Distribution Plan
The Court stated: "The Court having reviewed the Securities and Exchange Commission's Motion to approve Distribution Plan and for good cause shown, it is hereby ordered that the Motion is granted and it is further ordered that the Securities and Exchange Commission's distribution plan is approved."
court_doc105_10-cv-01277 30-Sep-2020 Court Docket Document
Order to Transfer Fair Fund for Distribution to Harmed Investors
The Court ordered that: "The Clerk of the Court shall transfer all funds, less any registry fees, held in Court Registry Investment System account number 1:10-cv-01277-ESH bearing the case name designation “SEC v. Citigroup Inc., Case No. 10-cv-01277 (ESH)” (the “Fair Fund”) to the court-appointed Distribution Agent by sending the same to the account named “SEC v Citigroup INC Distribution Fund,” care of The Huntington Bank. . . . The Distribution Agent shall distribute the Fair Fund, less a reserve of $19,750.00for taxes and related fees and expenses of the Tax Administrator, plus $466,443.73 in residual funds received from the related class action In re Citigroup Securities Litigation 1:07-cv-9901 (SNDY), to Eligible Claimants in accordance with the terms of the Distribution Plan."

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In the Matter of Gary L. Crittenden and Arthur H. Tildesley, Jr.