Citigroup has agreed to pay $75 million to settle federal claims that it hid more than $40 billion in subprime mortgage investments that were deteriorating. The holdings ultimately crippled the bank and forced the federal government to rescue the bank. As part of the settlement, two high-ranking Citigroup executives have agreed to pay a total of $180,000 in fines for their involvement in the subprime mortgage investments.
Citigroup to Pay $75M to Settle Subprime Mortgage Claims
HeadlineJul 30, 2010