The Securities and Exchange Commission is mulling a settlement of up to $10bn over the breach of personal data by Citigroup Inc. over the past decade.
In its statement to investors on Friday, the SEC said it is seeking to settle the matter with the parties to ensure the public has a fair opportunity to know how the breach occurred and that it did not compromise the privacy of any third party.
The SEC said in its statement that the settlement would include a “reasonable compensation for all plaintiffs, including for those who had access to personal data of the SEC’s own employees and contractors.”
The SEC will also seek to limit liability for any third parties and impose a financial penalty on Citigroup if it fails to comply with the settlement.
The SEC also said it will issue a voluntary consent decree to settle for $25 billion.
A court hearing has been scheduled on Monday for the settlement, and it will likely be approved on Wednesday.
Citigroup’s settlement came after an investigation into the data breach by the SEC.
It also comes after a second round of settlement talks between the SEC and the companies involved last week.
Both sides have been in negotiations for months over the extent to which the SEC would disclose the extent of the data breaches, as well as any financial penalties.
Citixis SEC filing The third round of talks has been in the works since the SEC filed its first settlement with Citigroup on Thursday.
The SEC and Citigroup have been negotiating for months about whether to share the full extent of their data breaches.
At issue in the latest round of negotiations are whether the SEC should disclose to the public how many times the data was breached and how many people had access, and whether that information should be shared with other regulators, the AP reported.
Citi was the first bank to publicly admit that it had exposed personally identifiable information to the SEC, and the SEC told the Wall Street Journal in February that it will publicly release a list of all the data that the bank had compromised.
The third bank in the SEC talks, Citigroup’s parent company, is the United States of America.
The companies are also part of a group of firms known as the Information Technology Industry Council, which is a division of the U.S. Department of Justice.
The three firms have also been accused of breaking privacy laws and committing other breaches in the past.
Cits settlement in breach: The SEC is looking for a settlement with three firms: Citigroup, JP Morgan Chase and Wells Fargo.
They have all admitted to violating the law, and they are also among the largest banks in the world.