(Reuters) - Citigroup Inc (N:C) and Morgan Stanley (N:MS) each agreed to pay more than $2.96 million to settle civil charges that they made misleading statements about a foreign exchange trading program they sold to investors, the U.S. Securities and Exchange Commission said on Tuesday.
The SEC said neither bank admitted or denied wrongdoing in connection with the marketing of CitiFX Alpha to Morgan Stanley customers in 2010 and 2011, when Citigroup held a 49 percent ownership stake in Morgan Stanley Smith Barney. Each payout includes a $2.25 million civil fine, the SEC said.