Citigroup Inc agreed to buy back more than $7 billion of illiquid auction-rate securities and pay a $100 million civil fine to settle charges it fraudulently misled investors about the debt's risk.

Citigroup Inc agreed to buy back more than $7 billion of illiquid auction-rate securities and pay a $100 million civil fine to settle charges it marketed the debt fraudulently.

Citigroup Inc agreed to buy back more than $7 billion of illiquid auction-rate securities and pay a $100 million civil fine to settle charges it fraudulently misled investors about the debt's risk.

American International Group help lead financial shares lower, but Merrill Lynch, Fannie Mae and Freddie Mac also sustain sizable losses.

The Securities and Exchange Commission and New York State announce a preliminary agreement with Citigroup to provide relief to investors left holding the bag in the auction-rate securities market.

Shares of investment banks fell Thursday morning as the broader market declined and amid continuing concern about weakness in the credit markets.

http://l.yimg.com/us.yimg.com/p/us/news/editorial/0/e4/0e4239c65342e7b8d90c22cdffada29f.jpeg

http://l.yimg.com/us.yimg.com/p/us/news/editorial/d/32/d32e91abb1db5d355fae6e67f3531d23.jpeg