New York Attorney General Andrew Cuomo says he has reached a settlement worth more than $7 billion with Citigroup that requires the company to buy back auction-rate securities from about 40,000 customers in the U.S.Cuomo had threatened to charge the company with fraudulent sales of auction-rate securities and with the destruction of key documents.
The settlement announced Thursday requires Citigroup to buy back securities from retail customers, charities and small to mid-sized businesses by Nov. 5.Citigroup, the largest U.S. banking company by assets, will also have to pay New York state a $50 million civil penalty, and a separate $50 million civil penalty to the North American Securities Administrators Association.
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