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A Citibank sign on a bank branch in midtown Manhattan, New York, November 17, 2010. (Mike Segar/Reuters)
A Citibank sign on a bank branch in midtown Manhattan, New York, November 17, 2010. (Mike Segar/Reuters)

U.S. government seeks $10-billion from Citigroup – report Add to ...

Citigroup Inc. has been asked by the U.S. Department of Justice to pay more than $10-billion to settle a probe into the bank’s sales of mortgage securities before the financial crisis, Bloomberg News reported on Friday.

The report, which cited a person familiar with the investigation, said that talks broke off between the bank and prosecutors on June 9.

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Citigroup shares were down 1.7 per cent for the day in New York trading following the report.

A Citigroup spokesman declined to comment.

Reuters reported in December that the Justice Department was preparing a civil fraud lawsuit against the bank that alleged investors lost tens of billions of dollars on the securities at issue.

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