Citi Statement on ARS Settlement

07.08.08 - 18:40 ... source : Citigroup

... New York – Citi today issued the following statement regarding the settlement announced today between the Company and the New York Attorney General, the Securities and Exchange Commission, and other state regulatory agencies: "Our most important focus continues to be on helping our clients. Since the beginning of the Auction Rate Securities ("ARS") crisis, Citi has worked diligently with issuers, investors, and regulatory authorities to obtain liquidity for holders of illiquid ARS. We have made tremendous progress on these efforts, and, in fact, more than fifty percent of our retail clients' holdings in ARS have been redeemed or auctioned at par since the crisis began. "We are pleased to reach this agreement in principle with the New York Attorney General, the Securities and Exchange Commission, and other state regulatory agencies. We remain committed to continuing our work on initiatives that will secure the best and fastest route to pro ...» Next (HTML)