Citigroup Inc. (NYSE: C) has agreed to pay $158 million to settle a lawsuit in which the bank admitted to defrauding a federal insurance program out of millions of dollars. The payment is not included in Citigroup’s $2.2 billion portion of the recent $26 billion mortgage foreclosure settlement.
One particularly interesting thing about this settlement is that Citi admitted, acknowledged, and accepted responsibility for the fraud. The bank certified some 30,000 mortgages for insurance, submitting certifications that it knew were false or misleading.
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