Citigroup to Pay Customers $700 Million in Card Settlement
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Citigroup Inc., the world’s biggest credit-card lender, was ordered to pay $700 million to customers and fined $70 million over illegal practices related to the bank’s marketing of card add-on products.
The U.S. Consumer Financial Protection Bureau and Office of the Comptroller of the Currency each fined the New York-based bank $35 million, the regulators said Tuesday in statements. The investigations were previously disclosed, and Citigroup has fully reserved for the costs associated with the settlements, the bank said in a separate statement.