Per Pam Martens of Wall Street on Parade:
December 11, 2008: SEC forces Citigroup and UBS to
buy back $30 billion in auction rate securities that were improperly
sold to investors through misleading information.
February 11, 2009: Citigroup agrees to settle lawsuit brought by WorldCom investors for $2.65 billion.
July 29, 2010: SEC settles with Citigroup for $75
million over its misleading statements to investors that it had reduced
its exposure to subprime mortgages to $13 billion when in fact the
exposure was over $50 billion.
October 19, 2011: SEC agrees to settle with
Citigroup for $285 million over claims it misled investors in a $1
billion financial product. Citigroup had selected approximately half
the assets and was betting they would decline in value.
February 9, 2012: Citigroup agrees to pay $2.2 billion as its portion of the nationwide settlement of bank foreclosure fraud.
August 29, 2012: Citigroup agrees to settle a class
action lawsuit for $590 million over claims it withheld from
shareholders’ knowledge that it had far greater exposure to subprime
debt than it was reporting.
July 1, 2013: Citigroup agrees to pay Fannie Mae $968 million for selling it toxic mortgage loans.
September 25, 2013: Citigroup agrees to pay Freddie Mac $395 million to settle claims it sold it toxic mortgages.
December 4, 2013: Citigroup admits to participating
in the Yen Libor financial derivatives cartel to the European Commission
and accepts a fine of $95 million.
July 14, 2014: The U.S. Department of Justice
announces a $7 billion settlement with Citigroup for selling toxic
mortgages to investors. Attorney General Eric Holder called the bank’s
conduct “egregious,” adding, “As a result of their assurances that toxic
financial products were sound, Citigroup was able to expand its market
share and increase profits.”
November 2014: Citigroup pays more than $1 billion
to settle civil allegations with regulators that it manipulated foreign
currency markets. Other global banks settled at the same time.
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