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Citi to pay $7bn to end mortgage suits

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Citigroup said Monday that it will pay $7 billion to settle allegations that it misled investors in its sale of mortgage-linked securities ahead of the financial crisis. 

A view of Citigroup logo at the offices in New York, New York on July 9, 2014. (EPA photo)

Citi said the settlement with the US Department of Justice and other government bodies resolves "substantially all" of its litigation on mortgages through 2008. The bank will take a $3.8 billion pre-tax charge to cover the settlement.

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