Citigroup pays €1.13bn investor settlement

Citigroup has agreed to pay 1.13 billion dollars (€822m) to settle claims by investors who want the lender to buy back billions in residential mortgage-backed securities.

The New York-based investment bank said the pact it reached with 18 institutional investors called for Citigroup to make a binding offer to the trustees of 68 Citi-sponsored trusts that bundled some $59.4bn (€43.2bn) in home loans into securities from 2005 to 2008.