Justice Department preparing to sue Citigroup
The U.S. Justice Department has asked Citigroup Inc. for more than $10 billion to settle an investigation of the lender’s sale of mortgage-backed bonds before the 2008 financial crisis, a person familiar with the negotiations said.
Prosecutors broke off talks with Citigroup on Monday and are preparing to sue the New York-based bank after it offered less than $4 billion to resolve the matter, said the person, who asked not to be named because the discussions are confidential. The Justice Department could file a lawsuit as early as next week, according to the person, who also said the bank’s... read more
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