The Traderszone Network

Published in TZ Latest News 13 July, 2014 by The TZ Newswire Staff

Citi, U.S. $7 billion settlement announcement expected Monday

Citigroup agreed to pay $7 billion to resolve a U.S. government investigation into shoddy mortgage-backed securities the bank sold in the run-up to the 2008 financial crisis in a settlement set to be announced on Monday, sources said. The $7 billion includes $4 billion in cash to the U.S. Department of Justice, $2.5 billion in consumer relief, more than $200 million to the Federal Deposit Insurance Corporation and just under $300 million to settle probes by five states, said sources familiar with the negotiations. Spokespeople for the Justice Department and the bank declined comment.

read more