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Citigroup responds to $75 million settlement

In the wake of a $75 million settlement with the SEC, Citigroup released this statement:

"We are pleased that we have reached agreement with the SEC to put this matter concerning certain 2007 disclosures behind us, and that the SEC is not charging Citi or any individual with intentional or reckless misconduct. Citi settled the matter without admitting or denying the SEC's allegations.

"Citi continues to focus on contributing to the economic recovery and generating sustained profitability for the benefit of all its shareholders. Under CEO Vikram Pandit's leadership, we have bolstered our financial strength, overhauled our risk management, reduced our risk exposures, and made Citi a more focused enterprise by returning to banking as the core of our business.

"Regarding individuals:

"Neither Citi nor Mr. Tildesley was charged with intentional or reckless misconduct. Mr. Tildesley is a highly valued employee of Citi and is making significant contributions to the company.

"Neither Citi nor Mr. Crittenden was charged with intentional or reckless misconduct. Throughout his tenure with the company, Mr. Crittenden was a highly valued senior officer and he played a critical role in helping Citi navigate the difficult challenges presented by the financial crisis."

By Zachary Goldfarb  |  July 29, 2010; 4:40 PM ET
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