As reports appear that Citigroup Inc is close to paying about $7 billion to resolve a U.S. probe into whether it defrauded investors, the Wall Street Journal has prepared a detailed infographic on the $100 billion that large banks have so far agreed to pay to settle cases related to the 2008 credit crisis. The Journal’s figures include lawsuits over mortgages, foreclosures and some of the fire-sale deals made at the height of the financial meltdown.
Go the WSJ site and select bars to see details of the individual settlements that make up each bank’s payments. It is a very informative summary.
Meanwhile Reuters quotes “a source familiar with the matter” saying that the latest Citibank settlement is expected to be in cash, but the figure also includes several billion dollars in help to struggling borrowers.
U.S. Attorneys offices in Brooklyn and Colorado have been investigating the bank as part of a larger task force probing faulty mortgage securities that helped fuel the housing bubble in the mid-2000s and contributed to its collapse.
JPMorgan Chase & Co paid $13 billion in November to resolve a range of probes from the task force, in a deal that U.S. authorities said would serve as a template for other banks. Bank of America Corp has also been in negotiations to resolve similar investigations.