Major lender to pay out $1.13bn over mortgage bond sales

by Adam Smith08 Apr 2014
Another major lender has settled claims over mortgage bond sales.

Citigroup has agreed to a $1.13 billion settlement with a group of investors over the sale of mortgage-backed securities from 2005 to 2008, Bloomberg has reported. The agreement covers 18 mortgage bond investors represented by Gibbs & Bruns, a lawfirm which has also secured multibillion-dollar settlements with JPMorgan Chase and Bank of America.

“This settlement resolves a significant legacy issue from the financial crisis and we are pleased to put it behind us,” Citigroup said in a statement.

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