Violation Tracker Individual Record

Company: 
Citigroup Inc.
Current Parent Company: 
Citigroup
Penalty: 
$7,000,000,000
Year: 
2014
Date: 
July 14, 2014
Primary Offense: 
toxic securities abuses
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 Parent: 
USA
HQ State of Parent: 
New York
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking & securities
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.