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Citi to pay $7 billion to settle securities investigation

from Reuters

Citigroup Inc. said it agreed to pay $7 billion to settle a U.S. government investigation into mortgage-backed securities the bank sold in the run-up to the 2008 financial crisis. The settlement figure was more than twice what many analysts expected earlier this year but less than the $12 billion the government had sought in negotiations with the bank. more

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