Citigroup Threatened with Auction Rate Securities Lawsuit
Citigroup Auction Rate Securities. The Next Target of New York State Attorney General Citigroup's Auction Rate Securities business will likely be the next target of New York State Attorney General Andrew Cuomo. Cuomo has already sued investment bank UBS for its handling of auction rate securities, and last week threatened … [Read more...] about Citigroup Threatened with Auction Rate Securities Lawsuit
Citigroup to Pay WorldCom Investors $2.65 Billion
Citigroup Agreed To Pay Investors. In one of the largest settlements arising from the corporate scandals of the past five years, Citigroup Inc. agreed Monday to pay $2.65 billion to investors who claimed the bank helped hide huge losses piling up at WorldCom Inc. In addition to the $2.65 billion for WorldCom investors, … [Read more...] about Citigroup to Pay WorldCom Investors $2.65 Billion
Citigroup To Settle WorldCom Suit For $2.65bn
Class Action WorldCom Suit Settlement. Citigroup, the world's biggest financial services firm, said on Monday it would pay $2.65bn to settle a class-action lawsuit filed by shareholders in WorldCom, the bankrupt telecoms company. Owners of WorldCom stock and bonds sued Citigroup over its close relationship to the … [Read more...] about Citigroup To Settle WorldCom Suit For $2.65bn
Citigroup to Pay Billions to WorldCom Shareholders
Citigroup Agreed To Pay WorldCom Shareholders. Financial services giant Citigroup has agreed to pay $2.65 billion to settle class-action suits brought by investors who bought WorldCom Inc. securities before the telecommunications company's bankruptcy filing in 2002. Citigroup's brokerage division was a key backer of … [Read more...] about Citigroup to Pay Billions to WorldCom Shareholders
Citigroup OKs $2.65 Billion Settlement
Citigroup Securities Fraud Settlements. Citigroup today agreed to pay $2.65 billion to investors in WorldCom, the failed telecommunications company that plunged into bankruptcy amid a massive accounting scandal, in one of the largest securities fraud settlements on record. The world's largest financial company also said it was … [Read more...] about Citigroup OKs $2.65 Billion Settlement
Citigroup, Wall Street Firms Settle With Regulators
Wall Street Firms Settle With Regulators. Citigroup Inc., Credit Suisse First Boston and eight rival securities firms will agree today to pay $1.4 billion in the biggest-ever settlement for violating securities laws, capping two years of investigations into conflicts of interest in Wall Street research. The agreement, … [Read more...] about Citigroup, Wall Street Firms Settle With Regulators
Senate: Citigroup, Chase Helped Enron
Citigroup And J.P. Morgan Helped Enron. Senate investigators examining a series of complex, multimillion-dollar transactions involving Enron's pulp and paper business said Monday that financial giants Citigroup and J.P. Morgan Chase knowingly helped Enron deceive the investing public. The two investment banks rejected the … [Read more...] about Senate: Citigroup, Chase Helped Enron
Spitzer Raises The Heat On Citigroup
Spitzer Civil Suit Over Citigroup. At first glance, New York Attorney General Eliot Spitzer's main target with his latest civil suit on Sept. 30 appears to be the five telecom executives named in the filing. After all, the defendants former WorldCom CEO Bernard J. Ebbers, ex-McLeod USA CEO Clark E. McLeod, former Quest Communications … [Read more...] about Spitzer Raises The Heat On Citigroup
The Obstacles To Unilateral Action At Citigroup
Citigroup Paying a Big Fine. Unilateral disarmament doesn't work on the geopolitical stage and it probably won't fly on Wall Street either. And that's why few expect Citigroup's Salomon Smith Barney to unilaterally separate its investment banking and stock research businesses unless the other big Wall Street firms are forced to … [Read more...] about The Obstacles To Unilateral Action At Citigroup
Citigroup Facing Subpoena in IPO Probe
Citigroup IPO Probe. The chairman of the House Financial Services Committee, frustrated by Citigroup's unwillingness to turn over information about any WorldCom executives who may have gotten shares in initial public offerings, will try to pry the information out with a subpoena. Rep. Michael Oxley (R., Ohio) said Friday that a … [Read more...] about Citigroup Facing Subpoena in IPO Probe
