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."

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")."

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."

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."

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."