Citigroup Reports Receiving Subpoenas

Citigroup Inc. said it received subpoenas from regulators over allegations of improper payments at its mutual fund unit.

New York-based Citigroup first disclosed the investigations in November, when it said it was cooperating with federal and state regulators.

Citigroup said “various government regulators” had issued subpoenas and requests for information in connection with investigations of an undisclosed arrangement between its mutual funds and a vendor that provided transfer-agent services. It made the statement in a filing with the Securities and Exchange Commission.

Citigroup shares rose 20 cents to $50.46 on the NYSE.