Ah, 2008. The Dark Knight was a hit the box office. Breaking Bad hit the small screens. And a junior senator from Illinois became the 44th President of the United States. Seems like so long ago…
…but not so long ago to prevent the Securities and Exchange Commission for set up yet another Credit Crisis Fair Fund, this one with Citigroup.
You remember the Credit Crisis, don't you? Along with Lil Wayne's "Lollipop" and George Strait's "I Saw God Today," the sound of the housing bubble popping provided the soundtrack to 2008.
Speaking of music, Citigroup’s chief executive Charles Prince had this to say about the subprime housing market in July, 2007. "When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you've got to get up and dance. We're still dancing."
And then Bear Stearns failed and Lehman collapsed, and the world caught fire. By the end of '08, even Citigroup stopped dancing.
The basis of the new Citigroup settlement follows a by-now familiar tune: "The Complaint alleges that from that from July 2007 through October 2007, Citigroup made a series of materially misleading statements concerning the extent of the company’s exposure to sub-prime mortgage-related assets in earnings calls and public filings." Ah, that’s an oldie but a goodie. Citigroup agreed to pay a civil penalty of $75,000,000 and a disgorgement of $1. This brings the total settlement pool too…
Hold on, I need to calculate this in Excel…
Hmmm, =sum(A1+B1)… is that right?
OK, I am back. The total is $75,000,001. I think.
Claim forms are due on July 1, 2018. That's when the music stops, so you if you need any help dancing (i.e., retrieving nearly antique trade data from old plat forms) then please give us a call today.