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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. …


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