Citigroup and Justice to meet over mortgage-backed securities

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The Justice Department and Citigroup plan to meet next month in the opening salvo of multibillion-dollar settlement talks aimed at ending probes into how the bank handled shoddy mortgage-backed securities, according to people familiar with the matter.

MarketWatch reports that the scheduled meeting will be the first chance for each side to put a number on a potential settlement, but in the past such numbers have been far apart, representing little more than starting negotiating positions.

The Justice Department hasn’t yet floated a number with the bank — which has already settled several other mortgage-related lawsuits — but an agreement could tally in the billions of dollars.

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Citi, DOJ to discuss mortgage-securities settlement

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