The third largest bank in the U.S., Citigroup Inc. is trying to convince the court to approve a $75 million subprime mortgage settlement which has been put forth by the SEC.

U.S. District Judge Ellen Huvelle has set September 24th as the date for a followup hearing on the matter. This all stems from omitted disclosures in subprime mortgage assets in 2007. These mortgage assets total about $39 billion.

Citigroup believes the SEC’s proposed resolution of this matter is entitled to substantial deference and joins the commission in urging the court to approve the proposed settlement as fair, adequate, reasonable, and appropriate,” Citibank said in in the filing yesterday.

On September the 24th, we should hear more information related to this matter, and find out what type of settlement will be reached.