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Feb 29, 2016

Citigroup subpoenaed in FIFA bribery scandal

NEW YORK — Citigroup said it has received a subpoena from federal prosecutors over its possible involvement in the FIFA bribery scandal, the first large U.S. bank to receive such a notice from investigators. Citigroup disclosed the subpoena in a regulatory filing late Friday, saying it is cooperating with investigators in the matter. In May […]

Jul 21, 2015

Citi to refund $700M for deceptive card practices

NEW YORK — Citigroup will refund $700 million to consumers and will pay $70 million in fines for illegal and deceptive credit card practices, the bank and federal regulators said Tuesday. The order, coming from the Consumer Financial Protection Bureau, is the latest multimillion dollar settlement against the largest credit card issuers for their role […]

May 20, 2015

Banks fined more than $5B

WASHINGTON — Four global banks agreed Wednesday to pay more than $5 billion in penalties and plead guilty to rigging the world’s currency market, the first time in more than two decades that major players in the financial industry have admitted to criminal wrongdoing on such a scale. Traders at JPMorgan Chase, Citigroup, Barclays and […]

Jul 14, 2014

Citigroup to pay $7B in subprime probe

WASHINGTON — Citigroup agreed Monday to pay $7 billion to settle a federal investigation into its handling of risky subprime mortgages, admitting to a pattern of deception that Attorney General Eric Holder said “shattered lives” and contributed to the worst financial crisis in decades. The settlement represents a moment of reckoning for one of the […]

Jun 5, 2014

Court limits judge’s say over $285M Citigroup deal

NEW YORK — A judge overstepped his authority when he blocked a $285 million settlement between Citigroup Inc. and government regulators over toxic mortgage securities, a federal appeals court panel said Wednesday. The 2nd U.S. Circuit Court of Appeals in Manhattan reversed a decision by Judge Jed S. Rakoff to set a trial date for […]

Jul 1, 2013

Citigroup agrees to pay $968M to Fannie Mae

NEW YORK — Citigroup has agreed to pay $968 million to Fannie Mae to resolve potential future repurchase claims on residential mortgage loans originated between 2000 and 2012. A sizable group of the loans were originated during the U.S. housing boom. Mortgage giants Fannie Mae and Freddie Mac bought mortgage loans from banks like Citigroup […]

Dec 5, 2012

Citigroup to cut more than 11,000 jobs

NEW YORK — Citigroup said Wednesday that it will cut 11,000 jobs, a bold early move by new CEO Michael Corbat. The cuts amount to about 4 percent of Citi’s workforce of 262,000. The bulk of the cuts, about 6,200, will come from Citi’s consumer banking unit, which handles everyday functions like branches and checking […]

Aug 29, 2012

Citigroup agrees to pay $590M in shareholder suit

NEW YORK — Citigroup has agreed to pay $590 million to settle legal claims by shareholders that its executives misled them about the bank’s growing problems before the financial crisis. The bank denied the allegations Wednesday, but said it agreed to the deal to eliminate the cost and uncertainty of litigating the class-action suit. Plaintiffs […]

Mar 15, 2012

Second Circuit ruling gives SEC-Citigroup deal new life

NEW YORK — The U.S. Court of Appeals for the Second Circuit said Thursday that a judge likely overstepped his authority when he blocked a $285 million settlement over toxic mortgage securities after concluding that it was bad policy for a regulatory agency to accept a deal that does not include an admission of liability […]

Oct 28, 2011

Judge challenges $285M Citigroup settlement

NEW YORK — A federal judge in New York is casting doubt on the fairness of a $285 million settlement that Citigroup reached with the Securities and Exchange Commission. Judge Jed Rakoff in Manhattan scheduled a Nov. 9 hearing on the deal announced earlier this month.

Jun 9, 2011

Citigroup says hackers accessed credit card data

HONG KONG — Citigroup Inc. said Thursday that hackers accessed the credit card information of North American customers, in an online security breach affecting about 200,000 accounts. The bank said it recently discovered during routine monitoring that account information ...

Nov 10, 2010

Judge allows Citigroup CDO fraud case to proceed

NEW YORK CITY — 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.

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