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Citigroup Inc announces comprehensive settlement with residential mortgage-backed securities working group


Monday, 14 Jul 2014 07:00am EDT 

Citigroup Inc:Has reached an agreement to settle the ongoing investigation of the Residential Mortgage-Backed Securities (RMBS) Working Group, part of the Financial Fraud Enforcement Task Force.It resolves actual and potential civil claims by the U.S. Department of Justice, several state attorneys general, and the Federal Deposit Insurance Corporation relating to RMBS and collateralized debt obligations (CDOs) issued, structured or underwritten by Citi between 2003 and 2008.Under the terms of the settlement, Citigroup will pay a total of $4.5 billion in cash and provide $2.5 billion in consumer relief.The cash portion consists of a $4 billion civil monetary payment to the DOJ and $500 million in compensatory payments to the State AGs and the FDIC.Citigroup has agreed to provide the consumer relief by the end of 2018. 

Company Quote

53.66
0.14 +0.26%
21 Nov 2014