NEW YORK (TheStreet) -- Shares of Citigroup Inc. (C) are down -1.10% to $47.81 after U.S. District Judge Jed Rakoff today reluctantly approved a $285 million fraud settlement between the bank and the SEC, two months after an appeals court voided his decision to reject it as inadequate, Reuters reports.
The judge said he had little choice but to approve the deal, which did not require the bank to admit to any wrongdoing. But he said he feared the 2nd U.S. Circuit Court of Appeals' decision would rob such settlements of any "meaningful oversight," Reuters said.
The SEC's complaint was over a 2007 sale of mortgage-linked securities debt that resulted in over $700 million of investor losses.
TheStreet Ratings team rates CITIGROUP INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate CITIGROUP INC (C) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. Among the primary strengths of the company is its reasonable valuation levels, considering its current price compared to earnings, book value and other measures. We feel these strengths outweigh the fact that the company has had sub par growth in net income."
Highlights from the analysis by TheStreet Ratings Team goes as follows: