US Eyes Suit Against Citi If $4B Offer Not Raised: Reports
By Ed Beeson
Law360, New York (June 13, 2014, 6:38 PM EDT) -- The U.S. Department of Justice has sought to extract a $10 billion penalty from Citigroup Inc., and threatened to sue the bank if it does not raise its nearly $4 billion offer to settle a federal probe of its loan securitizations in the run-up to the financial crisis, according to online news reports published Friday.
Top DOJ officials made the warning during a Monday night phone call with the bank, the Wall Street Journal reported, citing a person familiar with the talks. The lawsuit could come...