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In contrast, plaintiffs' Caremark claims are based on defendants' alleged failure to properly monitor Citigroup's business risk, specifically its exposure to the subprime mortgage market.... [The claim is...] that Citigroup suffered large losses and that there were certain warning signs that could or should have put defendants on notice of the ...
Things culminated in 1998 when Citibank merged with The Travelers Companies, creating Citigroup. The merger violated the Bank Holding Company Act (BHCA), but Citibank was given a two-year forbearance that was based on an assumption that they would be able to force a change in the law. The Gramm–Leach–Bliley Act passed in November 1999 ...
A pair of government regulators slapped Citigroup with a $135.6 million fine on Wednesday, saying the bank has made insufficient progress in resolving longstanding internal control and risk issues.
Citigroup Inc. or Citi (stylized as citi) is an American multinational investment bank and financial services company based in New York City. The company was formed in 1998 by the merger of Citicorp, the bank holding company for Citibank , and Travelers ; Travelers was spun off from the company in 2002.
“Citi closely follows all laws and regulations related to wire transfers and works extremely hard to prevent threats from affecting our clients and to assist them in recovering losses when ...
By Luc Cohen and Tatiana Bautzer. NEW YORK (Reuters) - New York state's attorney general's office said on Tuesday said it had sued Citibank for allegedly failing to protect customers from ...
[3] 12 U.S.C. § 1464(n) authorizes fiduciary activities for federal savings associations, and specifies certain state law requirements that are applicable to federal savings associations. 12 C.F.R. §550.136(c) lists six types of state laws that, in certain specified circumstances, are not preempted with respect to federal savings associations.
Most investors in Citigroup (C) and Bank of America (BAC) probably assume that the relationships between the banks and regulators are fully disclosed. Well, think again. Separate reports say that ...