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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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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.
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 ...
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.
Case Digests
- Fourth Department – Negligent performance: Rosenthal v. Syracuse University, et al.
- Second Circuit – Visual Artists Rights Act: Kerson v. Vermont Law School Inc.
- NYS Advisory Committee on Judicial Ethics – Former foreclosure referee: Opinion 22-157
- NYS Advisory Committee on Judicial Ethics – College honorarium: Opinion 22-156
- Second Circuit – Reasonable accommodation: Tafolla v. Heilig
- Fourth Department – Labor Law: Primisch v. Peroxychem LLC
- NYS Advisory Committee on Judicial Ethics – Judicial candidacy: Opinion 22-155
- Fourth Department – Defamation: Lavine v. Glavin
- NYS Advisory Committee on Judicial Ethics – Law clerk: Opinion 22-154
- NYS Advisory Committee on Judicial Ethics – Review of another judge’s actions: Opinion 22-153
- NYS Advisory Committee on Judicial Ethics – Charitable contributions: Opinion 22-150
- Second Circuit – Class action settlement: Moses v. The New York Times Company
Law News
- Appeals court upholds conviction
- Federal lawsuit reinstated against jail officer over strip search, delayed release
- Hyzon to pay $25M penalty to settle alleged fraud charges by SEC
- NY appeals court reinstates lawsuit over contract to remove snow
- Fourth Department affirms $400K judgment in contract dispute
- Fourth Department affirms decision in NY property dispute
- Greenlight Networks selects Buffalo-based attorney as general counsel
- Barclay Damon hires attorney Matt Smith
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