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Legal News

: International and UK Law

Citigroup in $7.6bn settlement over auction-rate bonds$

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Citigroup agreed to a $7.6 billion ($£3.9 billion) landmark deal with regulators yesterday to settle charges that it mis-sold bonds to customers. Hours later, Merrill Lynch announced its own plans to buy back from clients up to $10 billion of the same asset class, known as auction-rate securities (ARS). Analysts described the moves as $“another body blow” to the banking industry.

Full post as published by International and UK Law on August 08, 2008 (boomark / email).

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