Citigroup to pay $15.2 mln for misleading retirees
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Citigroup Inc.  will pay $15.2 million to settle charges its brokers induced hundreds of BellSouth Corp. workers to retire early and open accounts that cost them much of their nest eggs, the NASD said on Wednesday.
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Citigroup plans to eliminate about 1,000 jobs at its corporate and investment bank, according to a person close to the company, the latest signal that the company is placing a renewed emphasis on cutting costs and bolstering shareholder returns.
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U.S. apartment owner Archstone-Smith Trust  will have to pay a $235 million break-up fee plus expenses to end a proposed deal to be acquired by affiliates of Lehman Brothers  and Tishman Speyer for a total of $22.2 billion, the company said in a regulatory filing on Friday.
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Citigroup Inc  on Tuesday cut its quarterly dividend 41 percent, and said it is raising $14.5 billion from offerings of convertible preferred securities.
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Citigroup Inc.  could make as much as $24 billion in writedowns and lay off 20,000 workers as part of a plan to cut costs and boost capital, CNBC said on its Website in a report dated Sunday.
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A federal judge approved a $2.575 billion settlement of a class-action lawsuit by WorldCom investors who claimed they were defrauded by Citigroup, the second-largest settlement ever in a securities fraud case. When the tentative pact was announced by Citigroup in May, it was for $2.65 billion, but the agreement presented to the judge was reduced by $75 million. Investors accused Citigroup of hiding WorldCom's financial risks when it helped sell $10 billion of WorldCom debt in 2001.
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An investment bank in Estonia, Lohmus Haavel & Viisemann, and a former worker agreed to pay $15 million to settle Securities and Exchange Commission allegations that they had made illegal trades based on information from stolen news releases. The former employee, Oliver Peek, will forfeit $13 million in profit and will pay a $1.35 million fine. The bank will pay a $650,000 penalty, the S.E.C. said. They neither admitted nor denied wrongdoing in agreeing to the sanctions. The S.E.C.âs lawsuit accused Lohmus Haavel, which is based in Tallinn, of using a computer program to retrieve information on more than 200 United States companies from Business Wireâs secure Web site before announcements were made public from January to November 2005.
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NEW YORK, October 25  - Citigroup Global Markets Inc has been censured and asked to pay a fine of $250,000 by the NASD (National Association of the Securities Dealers), for allegedly distributing inappropriate hedge fund sales literature
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Without citing specific sources, the Sunday newspaper said Citigroup&#39;s price could exceed Lehman&#39;s offer, put by sources at 500 million pounds up front, but would likely fall short of the 1 billion pounds-plus sought by Cazenove.
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NEW YORK -- The Securities and Exchange Commission is considering recommending charges against a Citigroup executive whose departure was announced this week, the financial-services giant said Friday.
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Fremont Investment Advisors has agreed to pay $2.1 million in restitution and $2 million in civil penalties to end federal and state mutual fund timing cases, New York Attorney General Eliot Spitzer said yesterday.
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The Pimco mutual fund group, which on Monday settled federal charges of allowing rapid trading in stock funds, on Wednesday is expected to pay at least $15 million to settle a joint federal and state probe into revenue
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Japan&#39;s stock market watchdog on Tuesday recommended Citibank&#39;s Tokyo office and two senior executives be disciplined after the bank allegedly misled investors ahead of private bond sales.
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Citigroup, the nation's second-largest credit card issuer, said yesterday that it will stop imposing two common interest-rate charges that consumer groups and some members of Congress have criticized as unfair and abusive.
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Citigroup was sued this week by a group of institutional investors that contend the bank defrauded them in selling $2.4 billion of notes linked to the creditworthiness of the Enron Corporation.
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NEW YORK (CBS.MW) -- Citigroup shares slid 95 cents, or 2 percent, to $46.00 in pre-market trade Monday after Merrill Lynch sliced its recommendation on the stock to &quot;neutral&quot; from &quot;buy.
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Citigroup Inc.  on Friday said U.S. securities regulators are thinking of recommending enforcement proceedings against the former head of Citigroup Global Investment Management.