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Justice Department Announces $4 Billion Civil Penalty to be Paid by CitiGroup

July 21, 2014

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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“Forest, once again, my family and I thank you for obtaining another settlement on behalf of my Father. It’s almost uncanny that these checks seem to come at very opportune times. This one comes as we are expecting our fourth grandchild. It will provide her some sound footing towards her future college education, plus help Mom and Dad with the medical expenses. Sometimes, I think my Dad is helping you guys with this. Maybe so. Anyway, thank you again for your hard work.”

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