Citigroup will pay $285m to resolve a Securities and Exchange Commission probe alleging the bank misled investors in a 2007 mortgage-related security.
The SEC alleged that Citi was negligent in failing to tell investors in the security that the bank had helped to select $500m of mortgage assets that went into the debt, and was also betting against it. The $1bn collateralised debt obligation, or package of mortgage-related assets, was known as Class V Funding III.
Citi agreed to pay a $95m penalty as part of the deal and did not admit or deny wrongdoing. The pact requires court approval. The bank said it was pleased to put the matter behind it.
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