US Justice Department preparing to sue Citigroup
Washington: The US Justice Department is finalising a lawsuit against Citigroup over the bank's sale of residential mortgage-backed securities after negotiations to resolve the matter broke down.
Two people with direct knowledge of the matter say negotiations between the department and the bank fell apart this week. They said a lawsuit from the federal government could be filed as early as next week.
The people spoke on condition of anonymity because they weren't authorised to be quoted by name when discussing a complaint that has not yet been filed.
One of the people said the bank offered to pay less than USD 4 billion to settle the investigation, substantially less than what the Justice Department is demanding.
Spokesmen in New York for Citigroup didn't immediately return calls seeking comment on Friday.
More from India
More from World
More from Sports
More from Entertaiment
- 7th Pay Commission recommends 23.55% hike in salary for central govt employees; minimum salary set at Rs 18,000 per month
- Shocking fact of pay 'hike' in 7th Pay Commission recommendations!
- Full Report of 7th Pay Commission
- E-commerce war: Paytm Diwali sale offers 100% cashback on 25 million products
- Unbelievable! Clean and healthy meals on Indian Railways at just Rs 20