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Citigroup Pays $285 Million Settlement to SEC

HeadlineOct 20, 2011

A unit within the banking giant Citigroup has been charged with negligence after allegedly selling a $1 billion investment product in 2007, without warning investors that it was using the instrument to bet against them. According to the Securities and Exchange Commission, Citigroup will pay $285 million to its investors without acknowledging any wrongdoing.

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