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California Hospital Sues Citigroup Over Refinancing

SANTA ANA Calif. – (AP) A northern San Diego County hospital has sued Citigroup for up to $20 million, saying the investment bank failed to disclose the risk of refinancing debt using variable-rate bonds. Oceanside's Tri-City Medical Center, a community-owned facility serving Carlsbad, Oceanside...

Citigroup Paying $75 Million To Settle Civil Charges

WASHINGTON, D.C. - (AP) Banking titan Citigroup Inc. is paying $75 million to settle civil charges that it misled investors about its potential losses from subprime mortgages as the housing bust hit in 2007. The Securities and Exchange Commission announced the settlement with Citigroup on Thursday. It...

N.Y. Lawsuit: Citigroup Used Recession To Fire Women

NEW YORK - (AP) Citigroup was accused in a lawsuit Wednesday of using companywide layoffs during the recent financial turmoil to purge its work force of scores of female employees to save the jobs of less-qualified men. The lawsuit filed in U.S. District Court in Manhattan accused the company of accepting...

Tribune Co. Creditors Sue Banks Behind 2007 Buyout

NEW YORK - (AP) A group of Tribune Co. creditors filed a lawsuit Friday alleging the media company's nearly two-year stint in bankruptcy protection might have been averted if not for the greed of big banks who saddled the business with more debt than it could afford to repay. Full version available...

Judge Allows Citigroup CDO Fraud Case To Proceed

NEW YORK - (AP) A federal judge is allowing a portion of a proposed class-action securities fraud lawsuit against Citigroup Inc., several executives and a board member to go forward. In a ruling filed Tuesday, Judge Sidney H. Stein said. . . . Full version available to lexis.com subscribers .

Wells Fargo To Pay Citi $100M To Settle Wachovia Lawsuit

NEW YORK - (AP) Wells Fargo & Co. has agreed to pay $100 million to Citigroup Inc. to settle a dispute related to its acquisition of Wachovia Corp. in October 2008, at the height of the financial crisis. Wachovia was teetering on the brink of collapse from bad real estate loans. . . . Full version...

Allstate Sues Goldman Sachs Over Toxic Investments

(AP) Allstate Corp. is suing Goldman Sachs Group Inc. claiming the broker fraudulently sold it more than $123 million in mortgage-backed securities in 2006 and 2007, before the housing market collapse sent the investments' value plunging. The insurer claims in a lawsuit filed in New York that the...

Citigroup Inc. To Pay $158 Million To Settle Mortgage Lending Lawsuit

NEW YORK - (Mealey's) Citigroup Inc. on Feb. 15 agreed to pay $158.3 million to resolve a lawsuit brought by the federal government accusing the bank of failing to comply with Housing and Urban Development and Federal Housing Administration regulations when approving residential mortgage loans (...