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Citi to pay $7 bln to settle securities investigation

Jul 14, 2014 - 9:30 AM - by AngelinaCat
July 14 (Reuters) - Citigroup Inc said it agreed to pay $7 billion to settle a U.S. government investigation into mortgage-backed securities the bank sold in the run-up to the 2008 financial crisis.

The settlement figure was more than twice what many analysts expected earlier this year but less than the $12 billion the government had sought in negotiations with the bank.

Citigroup said it took a related pre-tax charge of about $3.8 billion in the second quarter.... [Read More >>]
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