News

Citi to pay $7B to settle federal investigation

Citi to pay $7B to settle federal investigation

CITI:Citigroup said on Monday it would pay a total of $4.5 billion in cash and provide $2.5 billion in consumer relief. Photo: Reuters

(Reuters) – Citigroup Inc said it agreed to pay $7 billion to settle a U.S. government investigation into mortgage-backed securities the bank sold in the run-up to the 2008 financial crisis.

Citigroup said on Monday it would pay a total of $4.5 billion in cash and provide $2.5 billion in consumer relief.

The bank said it would take a related pre-tax charge of about $3.8 billion in the second quarter.

The settlement figure was more that twice what many analysts expected earlier this year but less than the $12 billion the government had sought in negotiations with the bank.

(Reporting by Anil D’Silva in Bangalore; Editing by Saumyadeb Chakrabarty)

News

in Entertainment

Today in entertainment history: July 30

elvis

The Hollywood headlines that made history.

in National

TSA vows to close security gaps at U.S. airports

tsa

The new leader of the Transportation Security Administration said his top priority would be to close security gaps after an internal report showed 96 percent of undercover tests failed.

in Entertainment

REVIEW: ‘Vacation’ is a fun road trip for a new generation

18-overlay7

Rating: R | Run time: 99 min. | Genre: Comedy | Starring: Ed Helms, Christina Applegate, Skyler Gisondo, Steele Stebbins…

in Entertainment

Conan O’Brien accused of stealing jokes

20-overlay8

The late night host is being sued for allegedly lifting gags from Twitter.

in National

Americans report improved health, better healthcare

healthcare

The study of more than 500,000 Americans found improvements in insurance coverage, access to primary care and prescriptions, and overall health since late 2013.