The SEC announced today both the complaint against Citigroup and two of its executive officers and the settlement of that complaint for $75 million. Here is the complaint. Apparently, between July and October 2007, Citigroup made statements both in public filings and on investor calls to the effect that their subprime exposure was $13 billion when it was closer to $40 billion, if one includes two categories of assets that Citigroup was not including in that figure. Citigroup neither admits nor denies that the statements were false, but agrees to pay. The officers pay $100,00 and $80,000 respectively.
Now, what does this do to the civil litigation?
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