. .

Invest in your success.
JVRA helps lawyers win cases by providing critical information you can use to establish precedent, determine demand and win arguments.




In this action, the United States held a powerful international bank accountable for its role in the financial crisis. The settlement was resolved, which includes the largest total civil penalty in American history.

The defendant, Citigroup Inc., or Citi, is an American multinational banking and financial services corporation headquartered in Manhattan, New York City. At its height, and prior to the ________ financial crisis, the defendant was the largest company and bank on earth by total assets. The United States Justice Department charged that, prior to January ________, the defendant secured and sold residential mortgage-backed securities that it knew had material defects. According to a Statement of Facts quoted by the Department of Justice, on a number of occasions, Citigroup employees learned that significant percentages of the mortgage loans reviewed in due diligence were materially defective. In one instance, a trader states in an internal email that he "Went through the Diligence Reports, and think[s] [they] should start praying." The United States claimed that Citi contributed to the financial crisis due to the following: The securing of loan pools containing these defective loans, and their subsequent sale to investors, along with similar conduct by other banks. Investigation of the defendant’s practices in the sale and issuance of RMBS between ________ and ________ were conducted by the U.S. Attorney’s Offices for the Eastern District of New York and the District of Colorado.

The Justice Department, along with federal and state partners, filed suit in the U.S. District Court for the Southern District of New York, accusing the defendant, CitiGroup Inc., of misconduct in the: Packaging, securitization, marketing, sale and issuance of RMBS, prior to January 1, ________. The United States accused defendant of violating the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA). Additional claims were entered by the Federal Deposit Insurance Corporation, including several states.The matter was ultimately resolved via settlement for $________ in damages, including $________ in restitution to state and federal agencies. Of that amount, $________ will be paid in civil penalty to the DOJ under FIRREA, and $________ respecting federal and state securities claims by the Federal Deposit Insurance Corporation (FDIC), and individual resolution of claims by states. Respecting resolution of the states claims, the settlement allocates $________ to the State of California, $________ to the state of New York, $________ to the state of Illinois, $________ to the Commonwealth of Massachusetts, and $________ to the state of Delaware. The remaining $________ will be paid by the defendant in the form of relief to consumers harmed by the unlawful practices. Said relief will include recovery to distressed homeowners, borrowers, and affected communities through a variety of means, including affordable rental housing developments for low-income families in high-cost areas. The settlement does not absolve the defendant, or its employees, of potential criminal charges relating to their behavior.

To read the full article, please login to your account or purchase

5 ways to win with JVRA

JVRA gives you jurisdiction-specific, year-round insight into the strategies, arguments and tactics that win. Successful attorneys come to the table prepared and use JVRA to:

  1. Determine if a case is winnable and recovery amounts.
  2. Determine reasonable demand for a case early on.
  3. Support a settlement demand by establishing precedent.
  4. Research trial strategies, tactics and arguments.
  5. Defeat or support post-trial motions through past case histories.

Try JVRA for a day or a month, or sign up for our deluxe Litigation Support Plan and put the intelligence of JVRA to work for all of your clients. See our subscription plans.

Your cart is empty
Let Our expert Researchers Do The Searching For You! Pro Search Service

Related Searches