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Justice Department Announces $4 Billion Civil Penalty to be Paid by CitiGroup
On July 14, 2014, the U.S. Department of Justice announced a $7 billion settlement with CitiGroup, Inc. to resolve federal and state claims related to CitiGroup’s actions with residential mortgage-backed securities prior to January 1, 2009. The settlement includes a $4 billion civil penalty, the largest penalty ever under the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA). The settlement also requires CitiGroup to provide assistance to distressed homeowners and affected communities.
A copy of the Department of Justice press release is available via the DOJ website and sets forth details regarding the government investigation and the resolution of the case.
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