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Updated Saturday, July 31, 2010 10:13 pm TWN, AP

Citigroup paying US$75 million to settle SEC fraud charges

WASHINGTON -- Banking titan Citigroup Inc. is paying US$75 million to settle civil charges that it misled investors about its potential losses from subprime mortgages as the housing bust hit in 2007.

The Securities and Exchange Commission announced the settlement with Citigroup on Thursday. It says the company repeatedly made misleading statements in calls with analysts and regulatory filings about the extent of its holdings tied to high-risk mortgages.

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