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Settlement Watch ’14: Citigroup

The U.S. Justice Department has asked Citigroup Inc. (C) for more than $10 billion to settle a probe into the lender’s sale of mortgage-backed bonds in the run up to the 2008 financial crisis, according to a person familiar with the negotiations. Prosecutors broke off talks with Citigroup on June 9 and are preparing to sue the bank after the lender offered less than $4 billion to resolve the matter, said the person who asked not to be named because the negotiations are private. The Justice Department could file a lawsuit as early as next week, the person said. [Bloomberg]

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