News

Citi to pay $7B to settle federal investigation

Citi to pay $7B to settle federal investigation

CITI:Citigroup said on Monday it would pay a total of $4.5 billion in cash and provide $2.5 billion in consumer relief. Photo: Reuters

(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.

Citigroup said on Monday it would pay a total of $4.5 billion in cash and provide $2.5 billion in consumer relief.

The bank said it would take a related pre-tax charge of about $3.8 billion in the second quarter.

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

(Reporting by Anil D’Silva in Bangalore; Editing by Saumyadeb Chakrabarty)

Latest Stories

in Local Sports, Sports, UVA Sports

Ahead Of The Orange Blue Game, London Celebrates Something Bigger

Mike London

London celebrates another successful bone marrow drive.

in Local, Local Sports, Sports, UVA, UVA Sports

Virginia Baseball Defeats Miami, Claims Series

Baseball

UVA won game 2 of an ACC home series against Miami 5-2.

in Local, Surrounding Counties

Dominion Will Close Ash Ponds At Some Plants

Dominion Virginia Power Truck 032613 CC

Dominion Power will close coal ash ponds at a Fluvanna facility and three others.

in Albemarle County, Election, Local, Surrounding Counties, UVA

Culpeper Woman Abandons Bid For State Senate

Elephant Donkey Symbols  102708

A Culpeper woman abandons her campaign for the State Senate.

in Local, Surrounding Counties

Man Becomes Suspect In Death Of UMW Student

Mary Washington University of

A man is a suspect in the death of a University of Mary Washington student.