Citigroup Lawsuit - Citigroup Inc (C) lawyers requested a US District Judge to dismiss a lawsuit filed by New York Attorney General Letitia James, which accuses Citibank of failing to reimburse customers for online scams [1] - The lawsuit, initiated in January 2024, claims Citibank's inadequate security measures allowed scammers to easily infiltrate customer accounts and steal deposits through unauthorized wire transfers, resulting in millions of dollars in losses for customers [2] - Citigroup argued it has strong procedures to protect customers from fraudulent transfers and follows all laws and regulations related to wire transfers, urging the court to dismiss the lawsuit based on the Uniform Commercial Code, which allows exceptions for banks with commercially reasonable security measures [3] Federal Reserve Enforcement Action - On October 1, 2024, the Federal Reserve terminated a decade-long enforcement action against Citigroup related to weaknesses in its anti-money laundering (AML) practices, which was initially raised in March 2023 by the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency [4] - The enforcement action, which did not include any fines, was filed against Citigroup and its subsidiaries Banamex and Citibank N A over concerns about compliance with AML regulations and the Bank Secrecy Act [4] Legal Troubles in Finance Industry - In October 2024, TD Securities USA, the US broker-dealer unit of The Toronto-Dominion Bank (TD), agreed to pay over $20 million in a settlement with US authorities over allegations of manipulating the US Treasuries market through spoofing between April 2018 and May 2019 [5] - Wells Fargo & Company (WFC) faced a class-action lawsuit in September 2024, accused of underpaying interest to clients in its cash sweep program, leading to substantial financial losses for clients while the company profited significantly from these funds [5]

Citi says its Token Services for Cash program has gone live after a pilot phase.The new commercial solution, announced Thursday (Oct. 10), processes multimillion-dollar transactions and offers clients “24/7, always-on” cross-border liquidity and payments between participating Citi branches. The tool was created with a private and permissioned blockchain that is solely owned and managed by Citi, with clients not required to hold or manage any tokens to access the services.“The continued progress of Citi Toke ...

Wall Street analysts expect Citigroup (C) to post quarterly earnings of $1.36 per share in its upcoming report, which indicates a year-over-year decline of 10.5%. Revenues are expected to be $19.91 billion, down 1.2% from the year-ago quarter.The consensus EPS estimate for the quarter has undergone a downward revision of 2.9% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.Ahead of a c ...

Citibank lawyers urged a judge Tuesday (Oct. 8) to throw out a suit filed in January by New York Attorney General Letitia James that accuses the bank of failing to protect fraud victims.The lawyers argued that the bank has protections in place for consumers and that a New York victory in the lawsuit would result in a “dramatic shift” in how electronic payments are processed, Bloomberg reported Tuesday.Julia Strickland, an attorney representing Citibank, argued that major banks use multiple layers of fraud d ...

FOSTER CITY, Calif., Oct. 07, 2024 (GLOBE NEWSWIRE) -- Terns Pharmaceuticals, Inc. (“Terns” or the “Company”) (Nasdaq: TERN), a clinical-stage biopharmaceutical company developing a portfolio of small-molecule product candidates to address serious diseases, including oncology and obesity, today announced that it has granted as of October 1, 2024 an equity inducement award to a new employee under the terms of the 2022 Employment Inducement Award Plan, as amended (the “Inducement Plan”). The equity award was ...

As the Chinese stock market reopens after the National Day holiday, investors are keen to see if the pre-holiday rally will continue. Goldman Sachs has raised its rating on Chinese stocks to "overweight," anticipating an increase in benchmark valuations. This optimistic view stems from the Chinese government's decisive policy actions that have improved valuations.Citigroup has also upgraded its ratings on Chinese consumer and real estate stocks. According to a report from Goldman Sachs, analysts like Tim Mo ...

SAN DIEGO, Oct. 04, 2024 (GLOBE NEWSWIRE) -- Cidara Therapeutics, Inc. (Nasdaq: CDTX), a biotechnology company using its proprietary Cloudbreak® platform to develop drug-Fc conjugate (DFC) immunotherapies designed to save lives and improve the standard of care for patients facing serious diseases, today announced that the Compensation Committee of its Board of Directors (Compensation Committee) granted Dipesh Bhatt, a new employee, a non-qualified stock option award and restricted stock units (RSUs) for an ...

The Federal Reserve has terminated a decade-long enforcement action against Citigroup Inc. (C) , which was filed over weaknesses in the bank's anti-money laundering (AML) practices.Background of Citigroup’s Enforcement ActionIn March 2023, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency raised concerns over insufficient controls and risk management practices pertaining to the Bank Secrecy Act (BSA) and AML requirements.The enforcement action didn’t include any fin ...

The Federal Reserve has terminated a decade-old enforcement action against Citigroup that focused on deficiencies tied to the banking giant’s anti-money laundering (AML) practices.On Oct. 1, the central bank announced the termination of the 2013 action — one that had not carried a fine. But the action does discuss several changes to various bank-wide efforts to monitor and address risk, and to report its findings periodically to regulators.In terms of the consent order itself, the Fed had brought its action ...

Citigroup Inc. (C) and Apollo Global Management Inc. (APO) have inked a deal for a subsidiary of Citigroup and certain affiliates of Apollo to establish a revolutionary $25-billion private credit, direct lending program. The program will initially focus on North America, potentially expanding to additional geographies. Both companies expect the program to finance approximately $25 billion of debt opportunities over the next several years, including corporate and financial sponsor transactions.  Citigroup an ...