Citigroup to pay $7 billion to settle U.S. mortgage probe

Citigroup Inc has agreed to pay $7 billion (4.1 billion pound) to resolve claims it misled investors about shoddy mortgage-backed securities in the run-up to the financial crisis, in a deal that includes the largest civil fraud penalty ever levied by the U.S. Justice Department. The settlement, announced on Monday, is more than twice what many analysts expected but less than the $12 billion the ...

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