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
Resolutions
First Resolution Date
29-Jul-2010
Related Documents:
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."
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.
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 SEC "moves the Court to approve the Commission's proposed plan to distribute funds paid by defendant Citigroup, Inc. .... to Eligible Claimants."
court_doc80-2_10-cv-01277
15-Feb-2018
Court Docket Document
Minute Order Granting 80 Unopposed Motion to Approve Distribution Plan
The Court ordered: "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: "The Clerk of the Court shall transfer all funds, less any registry fees, .... to the court-appointed Distribution Agent" and "The Distribution Agent shall distribute the Fair Fund, less a reserve of $19,750.00 for 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 ...., to Eligible Claimants in accordance with the terms of the Distribution Plan."
