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Sale of toxic mortgage products: Citigroup pays $7bn to settle investigation

  • Citigroup has agreed to pay $7bn in order to settle a federal probe into the toxic mortgage products sold by the bank in the run-up to the 2008 financial crisis in the United States.

    Describing the bank’s misconduct as "egregious", Eric Holder, the US attorney general, said that due to their assurances that “toxic financial products were sound,” Citigroup managed to increase its market share and get more profits.

     

     

    Tagged as: Citigroup, federal probe, toxic mortgage products, bank, financial crisis, United States, business news