Defendant Name:
Citigroup Global Markets Inc.
Defendant Type:
Subsidiary of Public Company
Document Reference:
LR-26434_03-cv-02945
Document Details
Legal Case Name
SEC v. Citigroup Global Markets Inc., f/k/a Salomon Smith Barney Inc.
Document Name
Global Research Analyst Settlement; SEC Consents to Termination of Undertakings in Global Research Analyst Settlement
Document Date
05-Dec-2025
Document Format
Civil Proceeding
Case Number
03-cv-02945
Federal District Court
New York, Southern District of New York
Allegation Type
Investment Advisers/Investment Companies
Document Summary
On December 5, 2025, the SEC stated that: "[It] consented to modifications to the
October 2003 . . . and September 2004 . . . final judgments against settling firms still
covered by the Global Research Analyst Settlement, a global settlement of SEC and other
enforcement actions against twelve investment banks and two individuals. The modifications
are subject to court approval."
Disgorgement & Penalty Information
Resolutions
Modification to final judgment
Related Documents:
SEC Sues Citigroup Global Markets, Formerly Known as Salomon Smith Barney, and Former Research Analyst Jack B. Grubman for Research Analyst Conflicts of Interest Firm to Settle with SEC, NASD, NYSE, NY Attorney General, and State Regulators; Grubman to Settle with SEC, NASD, NYSE, and NY Attorney General
According to the SEC: "The Securities and Exchange Commission announced today that it has settled charges against Citigroup Global Markets Inc., formerly known as Salomon Smith Barney Inc. ("SSB"), a New York-based brokerage firm and investment bank, arising from an investigation of research analyst conflicts of interest. This settlement, and settlements with nine other brokerage firms, are part of the global settlement the firms have reached with the Commission, NASD, Inc., the New York Stock Exchange, Inc. ("NYSE"), the New York Attorney General, and other state regulators."
Complaint
According to the SEC: "In 1999, 2000, and 2001 (the "relevant period"), as described below, SSB issued research reports on two telecommunications ("telecom") companies that were fraudulent and issued research reports on several telecom companies that violated NASD and NYSE rules regulating their members' communications with the public (the "Advertising Rules")."
Final Judgment as to Defendant Citigroup Global Markets Inc., F/K/A Salomon Smith Barney Inc.
Court Approves Modifications to Global Research Analyst Settlement
On March 19, 2010, the SEC published a litigation release announcing that the Honorable William H. Pauley issued an order approving modifications to the final judgments entered against Citigroup Global Markets Inc. and the other firms covered by the Global Research Analyst Settlement.
Notice Regarding Defendants' Rule 60(b) Motion to Modify Addendum A of Global Research Settlement
The SEC stated: "[T]he Securities and
Exchange Commission (SEC) consents to the relief sought by the motions and
agrees that the final judgments should be modified as reflected in the proposed
orders submitted by each respective Defendant. . . . Based on these unique facts and circumstances, the SEC believes
modification of the Judgment is in the public interest."
Order
The Court stated: "On December 5, 2025, Defendants . . . filed a motion . . . requesting that this Court further modify Addendum A by terminating the remaining provisions in Sections I and II. . . . Defendants' request is GRANTED."
