Citi reverses stance on Lehman notes offering $136m group repurchase settlement
Citi has become the final major bank to reach a repurchase agreement with Hong Kong regulators on Lehman Brothers related structured products. But Lehman-related enforcement action is expected to rumble on.
The Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) have reached an agreement with Citibank (Hong Kong) in relation to its distribution of market-linked notes (MLNs) and equity-linked notes (ELNs) issued by Lehman Brothers.
In 2008, the SFC said 21 banks that had sold Lehman-related structured products would be investigated. Citi is the final bank to reach an agreement with regulators on this set of cases but an official at the SFC says this is not the end of
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