WASHINGTON, Sept 8 (Reuters) - The top securities regulator defended its proposed $75 million settlement with Citigroup , saying the penalty reasonably accounts for the seriousness of the bank's alleged misconduct, according to a document filed in court on Wednesday.
Citigroup had agreed to pay $75 million to settle Securities and Exchange Commission charges that it allegedly failed to disclose subprime exposure to investors in 2007.
But a U.S. judge did not approve the proposed settlement and asked the SEC for more information.
The SEC said the proposal gives full and fair consideration to the interests of shareholders and the public.
(Reporting by Rachelle Younglai, editing by Matthew Lewis) Keywords: SEC CITI/ (rachelle.younglai@thomsonreuters.com; + 1 202 898 8411) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Citigroup had agreed to pay $75 million to settle Securities and Exchange Commission charges that it allegedly failed to disclose subprime exposure to investors in 2007.
But a U.S. judge did not approve the proposed settlement and asked the SEC for more information.
The SEC said the proposal gives full and fair consideration to the interests of shareholders and the public.
(Reporting by Rachelle Younglai, editing by Matthew Lewis) Keywords: SEC CITI/ (rachelle.younglai@thomsonreuters.com; + 1 202 898 8411) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.