Citi, U.S. $7 Billion Settlement Announcement Expected Monday

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Citi, U.S. $7 Billion Settlement Announcement Expected Monday

by Wochit 0:48 mins

Citi, U.S. $7 Billion Settlement Announcement Expected Monday

by Wochit 0:48 mins

Sources said, 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 familiar with the negotiations 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.

Wochit

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