Citigroup agrees to pay $285m to investors for misleading them
Stephen Foley is a former Associate Business Editor of The Independent, based in New York. He left in August 2012. In a decade at the paper, he covered personal finance, the UK stock market and the pharmaceuticals industry, and had also been the Business section's share tipster. Between arriving with three suitcases in Manhattan in January 2006 and his departure, he witnessed and reported on a great economic boom turning spectacularly to bust. In March 2009, he was named Business and Finance Journalist of the Year at the British Press Awards.
Thursday 20 October 2011
Citigroup will pay $285m (£180m) to settle charges that it misled investors in a $1bn mortgage bond deal at the heart of the credit crisis.
The Securities and Exchange Commission also unveiled a $2.5m settlement with Credit Suisse, which helped Citigroup build the deal, a collateralised debt obligation, or CDO, that was tied to the performance of the US housing market just before the crash.
Citigroup bet against investors who bought into the CDO and consequently lost money. Like Credit Suisse, it neither admitted nor denied the charges.
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