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Violation Tracker Individual Record

Company: Citigroup Inc.
Current Parent Company: Citigroup
Penalty: $7,000,000,000
Year: 2014
Date: July 14, 2014
Offense Group: financial offenses
Primary Offense: toxic securities abuses
Secondary Offense: investor protection violation
Mega-Scandal: Toxic Securities
Violation Description: The Justice Department, along with federal and state partners, announced a $7 billion settlement with Citigroup Inc. to resolve federal and state civil claims related to Citigroup's conduct in the packaging, securitization, marketing, sale and issuance of residential mortgage-backed securities prior to Jan. 1, 2009. The resolution included a $4 billion civil penalty and required Citigroup to provide relief to underwater homeowners, distressed borrowers and affected communities through a variety of means including financing affordable rental housing developments for low-income families in high-cost areas.
Level of Government: federal
Action Type: agency action
Agency: Justice Department multiagency referral
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: New York
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking & securities
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.