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  • Citigroup Inc.'s (NYSE:C) Settlement with SEC May Get Approved Soon.

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    Monday Sept. 27, 2010 at 10:15 pm EST
     
    Citigroup Inc. (NYSE:C) and SEC may soon get Approval for their Settlement
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    On September 24th Federal district judge Ellen Segal Huvelle told lawyers for Securities and Exchange Commission (SEC) and Citigroup Inc. (NYSE:C) that she would soon be able to able to approve settlement worth 75$ million between the bank and regulatory agency over misstatements that Citi had made in 2008 in regards to its exposure to around $40 billion in subprime mortgage securities. Sibling Publication has described the comments made by Huvelle in a hearing attended by lawyers representing both parties.

    This proposed settlement was first announced in late July and had earlier caused widespread criticism. Huvelle on August 17 had initially rejected the settlement and had asked both parties to
    negotiate and address concerns. Huvelle also said and sought assurance from the Securities and Exchange Commission (SEC) that Citigroup Inc. (NYSE:C) would revise its disclosure procedure. Few months back, Citigroup Inc. (NYSE:C) and SEC had argued in an attempt to defend themselves although their disclosure processes were poor, no one intentionally misled shareholder. Citigroup stock closed at $3.87 on Monday which is at resistance point. The support levels below are at $3.873 $3.41. Resistance levels for Citigroup inc. - $3.96, $4,.08 and $4.25.
     


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