DOJ, Citi to discuss multibillion-dollar settlement

by Ryan Smith28 Apr 2014
The Justice Department and Citigroup will meet next month to negotiate what could be a multibillion-dollar settlement over shoddy mortgage-backed securities.

The planned talks will be the first between the government and Citigroup over the matter, according to a MarketWatch report. The talks are part of the government’s continuing pursuit of major financial institutions over activities regulators believe helped cause the financial meltdown, MarketWatch reported.

The Justice Department is also in talks with Bank of America to settle claims over shoddy mortgage-backed securities, according to MarketWatch. In those talks, the government reportedly cited $20 billion as the right figure to settle the claims – although that was described more as an opening bid than a serious offer, MarketWatch reported.
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