AG Holder says cases coming soon against additional banks.
The U.S. Department of Justice isn’t prepared to rest on its laurels after reaching a $7 billion settlement againstCitigroup (C) over the bank’s residential mortgage-backed securities’ practices. According to Attorney General Eric Holder, Citi “will certainly not be the last” financial institution that will be “held accountable” by the DOJ.
Holder made the proclamation during a press conference announcing the settlement with Citi. In his prepared remarks, he called Citi’s misconduct egregious. “Under the terms of this settlement, the bank has admitted to its misdeeds in great detail,” Holder said. “The bank’s activities shattered lives and livelihoods throughout the country and around the world.”
Holder also said that despite reaching a settlement with Citi, the agreement does not prevent the DOJ from seeking criminal charges against Citi and its employees in the future.
“We have not ruled out holding these organizations or individuals criminally responsible,” Holder said. “The agreement does not preclude the ability to bring criminal charges.”