From Law360:
Law360 (September 28, 2020, 7:15 PM EDT) — Citibank agreed Monday to pay a $4.5 million penalty to settle claims from the U.S. Commodity Futures Trading Commission that the bank bungled maintenance of its audio preservation system, deleting files that were the subject of a December 2017 subpoena.The CFTC announced that Citibank NA, Citigroup Energy Inc. and Citigroup Global Markets Inc. agreed to the administrative proceeding settlement for allegedly violating a commission regulation that requires Citi to supervise its commodity interest accounts.A “design flaw” in Citi’s audio recording and preservation system — one that had been the subject of several memos warning senior management — deleted the…
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