Auction Rate Securities
Whether you are an individual investor or part of a large corporation, our auction rate securities law firms are here to help you. To learn more about our experienced legal team and what we can do for you, contact one of our auction rate securities lawyers today at 800-220-9341. >>MORE
Auction Rate Securities
by the ARS Fraud Attorneys at Williams Kherkher
Contact our attorneys today at 800.220.9341 if a financial firm has misrepresented these investments.
Citigroup Agrees to Buy Back Auction Rate Securities, Pay Fine
Without admitting to or denying allegations of auction rate securities (ARS) fraud, Citigroup Inc., the nation’s largest bank by assets, agreed to buy back $7.5 billion worth of its customers’ ARS holdings. The bank also agreed to start “restoring liquidity” to another $12 billion worth of ARS and pay regulators a $100 million fine.
The agreement was reached between Citigroup and the Securities and Exchange Commission (SEC), NY Attorney General Andrew Cuomo, and regulators from several states, including Texas.
Citigroup is the first to reach such a settlement in the ongoing auction rate securities debacle. The $19.5 billion in ARS that it promised to address accounts for only 9% of the $200 billion worth of ARS that are still frozen.
For more information, contact an auction rate securities attorney today at 800-220-9341.
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