U.S. Seeking to Fine Citigroup $10 Billion in Mtge Probe -Bloomberg

The Justice Department is seeking more than $10 billion in fines from Citigroup Inc. ( C ) in connection to the government's investigation into the bank's sale of mortgage-backed bonds prior to the 2008 financial crisis, Bloomberg News reported Friday on its website, citing a person familiar with the negotiations.

Prosecutors broke off settlement talks with the bank on June 9. Citi had offered to pay $4 billion to settle the probe and prosecutors now are preparing to sue the bank, possibly as early as this week, the person told Bloomberg.

Full story at: www.bloomberg.com/news/2014-06-13/u-s-said-to-seek-more-than-10-bln-in-citigroup-probe.html

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