Citigroup paid $7 billion over misleading sales of toxic mortgage securities
Company: Citigroup Inc.
Summary
DOJ and federal and state partners reached a $7 billion settlement with Citigroup over its packaging, securitization, marketing, sale and issuance of residential mortgage-backed securities before 2009. Citigroup acknowledged serious misrepresentations to investors and that it securitized and sold pools containing loans it knew had material defects. Source: https://www.justice.gov/usao-edny/pr/justice-department-federal-and-state-partners-secure-record-7-billion-global-settlement