Citigroup Inc. and UBS AG completed a Securities and Exchange Commission settlement regarding allegations that the banking giants misled investors in the freeze-up of the auction-rate securities market this year.

Nearly $30 billion of securities are to be repurchased under the deal, which still requires court approval. About $7 billion is to be repurchased by Citigroup and $22.7 billion by UBS.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.