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U.S. SECURITIES AND EXCHANGE COMMISSION v. CITIGROUP GLOBAL MARKETS INC.

No. 11 Civ. 7387 (JSR).

827 F.Supp.2d 328 (2011)

U.S. SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. CITIGROUP GLOBAL MARKETS INC., Defendant.

United States District Court, S.D. New York.

November 28, 2011.

Attorney(s) appearing for the Case

Matthew Theodore Martens, Jeffrey Thomas Infelise, Kenneth R. Lench, Reid Anthony Muoio, Thomas D. Silverstein, Securities and Exchange Commission (DC), Washington, DC, for Plaintiff.

Brad Scott Karp, Susanna Michele Buergel, Theodore Von Wells, Jr., Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY, for Defendant.

OPINION AND ORDER

JED S. RAKOFF, District Judge.

On October 19, 2011, the U.S. Securities and Exchange Commission (the "S.E.C.") filed this lawsuit, accusing defendant Citigroup Global Markets Inc. ("Citigroup") of a substantial securities fraud. According to the S.E.C.'s Complaint, after Citigroup realized in early 2007 that the market for mortgage-backed securities was beginning to weaken, Citigroup created a billion-dollar Fund (known as "Class...

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