Mealey's Labor & Employment - Citigroup To Pay $7B To Settle Mortgage-Backed Securities Claims

Mealey's Labor & Employment - Citigroup To Pay $7B To Settle Mortgage-Backed Securities Claims

WASHINGTON, D.C. - Citigroup Inc. will pay $7 billion to the Department of Justice and other state and federal agencies to settle claims that it misrepresented the investment quality of mortgage-backed securities it packaged, securitized, marketed, sold and issued prior to Jan. 1, 2009, according to settlement documents released by the Justice Department on July 14.

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