Citigroup settles US fraud case

Citigroup is paying $285m to settle civil fraud charges from the Securities and Exchange Commission.

The SEC said that Citigroup misled investors when it invited them to invest in a product based on US mortgage debt.

It said that Citigroup did not inform investors that it was betting on the value of the investment falling or that it had chosen the assets itself.

Citigroup settled without admitting or denying the charges.

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