Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Inside Washington (12/28/2011)


  • WASHINGTON (12/29/11)--Proceedings in the Securities and Exchange Commission's (SEC) lawsuit case against Citigroup, charging that Citigroup defrauded stakeholders in a $1 billion fund invested in mortgage-related securities, came to a temporary halt when a federal appeals court granted an emergency ruling this week (The New York Times Dec. 27). The decision will allow the court to consider an appeal of a lower court's decision to throw out a $285 million fraud settlement between the SEC and Citigroup. The fund in question was sold by Citigroup in 2007, just as the housing market and mortgage securities were showing signs of distress, the article noted. According to the SEC suit, Citigroup sold the securities but did not inform investors the portfolio was being loaded with mortgage investments that Citigroup thought would fail and was betting against. The article further notes that a motions panel of the appeals court will consider a further stay of the proceedings beginning Jan. 17. …


RSS print
News Now LiveWire
NCUA re-schedules start of tomorrow's closed meeting to 9 a.m. ET. Open meeting still at 10 a.m. ET.
2 hours ago
.@lisamurkowski @SenatorEnzi @SenJohnBarrasso are latest to weigh in on NCUA risk-based capital proposal. See #NewsNow tomorrow for more
2 hours ago
Now up on News Now: Fed stays course on taper, interest rates http://t.co/6DntsW58vA
4 hours ago
Positive performance indicators and the potential for rising interest rates in @TheNCUA 's latest economic update. http://t.co/yptPbIGvnU
7 hours ago
The @CFPB has launched a nationwide effort to provide financial education. http://t.co/sF3FXHpv3k
8 hours ago