A small bipartisan group of U.S. senators on Thursday introduced legislation that would break up Wall Street’s megabanks by separating traditional banking activity from riskier financial services. The bill, called the 21st Century Glass-Steagall Act, has an uncertain future, but …
The world’s biggest banks won a major victory on Friday when a U.S. judge dismissed a “substantial portion” of the claims in private lawsuits accusing them of rigging global benchmark interest rates. The 16 banks had faced claims totaling billions …
Citigroup Inc. agreed to pay $590 million to settle a shareholder lawsuit accusing it of hiding tens of billions of dollars of toxic mortgage assets, one of the largest settlements stemming from the global financial crisis. The agreement resolves claims …
Sanford “Sandy” Weill, the tycoon who built financial conglomerate Citigroup Inc. into a massive U.S. commercial and investment bank, said it is time to split up the biggest banks so they can go back to growing again. The comments were …
Days after being rebuked by shareholders, Citigroup Inc. Chief Executive Vikram Pandit and the bank’s directors have been sued by a shareholder accusing them of awarding outsized pay to top executives. The complaint, filed Thursday in Manhattan federal court, said …
Citigroup Inc. has agreed to pay $158.3 million to settle U.S. civil claims that it defrauded the government into insuring thousands of risky home loans made by its CitiMortgage unit. Wednesday’s settlement resolves claims under the federal False Claims Act …
New York regulators urged Citigroup Inc.’s mortgage unit on Wednesday to stop resisting and comply with a subpoena related to an investigation of the force-placed insurance industry. In January, the New York Department of Financial Services issued subpoenas to roughly …
Citigroup Inc. was sued for fraud by Loreley Financing over nearly $1 billion worth of collateralized debt obligations purchased in 2006 and 2007. Citigroup is accused of defrauding Loreley into purchasing “fraudulent investments that are now worthless,” Loreley said in …
Primerica Inc. said Citigroup had begun a public offering of its remaining stake in the life insurer, a little over a year after the company was spun-off from the bank through a public listing. Primerica, which went public in 2010 …
A federal judge angrily threw out Citigroup Inc.’s proposed $285 million settlement over the sale of toxic mortgage debt, excoriating the top U.S. market regulator over how it reaches corporate fraud settlements. U.S. District Judge Jed Rakoff in Manhattan said …
