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Citigroup to pay $700 million to settle subprime mortgage lawsuit
US banking giant Citigroup said Monday it will pay $730 million to settle a class-action suit by bondholders related to the 2008 financial crisis. The suit alleged Citigroup misled buyers of its bonds over its exposure to subprime mortgages and other high-risk securities ahead of and during the crisis, from…
Treasury sells last Citigroup holding
The US Treasury Department said Tuesday it was selling its last holding in Citigroup, one of the banks rescued by the government amid the 2008 financial crisis. The sale of Citigroup subordinated notes is expected to add $894 million to the Treasury’s coffers, bringing the overall positive return to US…
Citigroup CEO Vikram Pandit abruptly resigns
Vikram Pandit has abruptly quit as chief executive of Citigroup. The US investment bank said on Tuesday Pandit had stepped down as chief executive and left the company’s board with “immediate effect”. Citi said Pandit will be replaced by Mike Corbat, the bank’s current head of Europe, the Middle East and Africa. Pandit said…
Citigroup to pay $590 million to settle investor suit
NEW YORK — Citigroup said Wednesday it had agreed to pay $590 million to settle a suit by investors who accused the bank of misleading them on its subprime mortgage-based security losses in 2007-2008. The agreement settled the four-year-old class-action suit that arose from the collapse of the US real…
Former Citigroup CEO: It’s time to smash the ‘too big to fail’ banks
Sanford I. Weill, the former CEO of Citigroup, American Express and Travelers Group, said Wednesday morning that America’s “too big to fail” banks must be smashed and torn asunder in order to restore consumer confidence in the financial system. “What we should probably do is go and split up investment…
Citigroup whistleblower: I have no regrets
(Reuters) – It wasn’t Sherry Hunt’s original intent to go public on the shoddy quality control at a mortgage unit at Citigroup Inc , her employer since 2004. But by March 2011, as it became apparent to her that the problems were getting worse and not being addressed, the Missouri…
New ‘foreclosure abuse’ agreement includes fines penalizing banks
(Reuters) – U.S. banking regulators are using the agreement announced on Thursday between large U.S. banks and state and federal agencies over foreclosure abuses as a vehicle for levying their own fines on banks for problems in their mortgage servicing businesses. In April 2011 banking regulators reached a deal with…
SEC chided again by judge in Citigroup fraud case
In his latest sharply-worded order, U.S. District Judge Jed Rakoff chastised the SEC for not telling him it had filed an emergency request with an appeals court to put the case on hold, after making the same request to him. So when Rakoff on Tuesday issued a ruling opposing any…
SEC appeals Citigroup settlement
NEW YORK — The US Securities and Exchange Commission on Thursday appealed a court ruling which had blocked a deal to fine Citigroup $285 million on the grounds the regulator had let the bank off too lightly. The SEC said the judge’s call for Citigroup to be forced to admit…
Matt Taibbi explains ‘judicial butt-kicking’ of Citigroup deal with SEC
Matt Taibbi of Rolling Stone discussed Monday on Countdown with Keith Olbermann the “unusual” decision of a judge to reject settlement Citigroup made with U.S. regulators over its marketing of mortgage securities. “He came out basically and said that the SEC and Wall Street have been in a wink-wink, nudge-nudge…
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