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)

Recent Headlines

in Lifestyle

Healthy lunches could land you in the White House

The North Lawn of the White House, on Tuesday, March 10, 2015 in Washington.

If you know of a kid who can whip up a healthy lunch, they might earn a trip to the White House.

in Sports, Viral Videos

WATCH: Puppies predict the Final Four

16-overlay

It's a totally unscientific, but completely adorable, way to predict the winner of the NCAA Men's Basketball Championship.

in National

Arkansas governor urges changes to ‘religious objection’ bill

arkansasreligiousobjections

The religious-objection laws have sparked fears that they could allow discrimination.

in Sports

Winston impressed on Seminoles Pro Day

jameiswinston

The Seminoles QB put on a show for NFL coaches and scouts assembled for Florida State Pro Day.

in Sports

Wednesday’s Sports Minute

NETS

A look at some of the big sports stories making headlines today, Wednesday, April 1. STREAKING NETS HANG ONTO FINAL…