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Wednesday July 1st, 2015 3:14PM

Justice Department preparing to sue Citigroup

By The Associated Press
WASHINGTON (AP) -- The Justice Department is finalizing a lawsuit against Citigroup over the bank's sale of residential mortgage-backed securities after negotiations to resolve the matter broke down.<br /> <br /> Two people with direct knowledge of the matter say negotiations between the Justice Department and the bank fell apart this week. They said a lawsuit from the federal government could be filed as early as next week.<br /> <br /> The people spoke on condition of anonymity because they weren't authorized to be quoted by name when discussing a complaint that has not yet been filed.<br /> <br /> One of the people said the bank offered to pay less than $4 billion to settle the investigation, substantially less than what the Justice Department is demanding.<br /> <br /> Spokesmen in New York for Citigroup didn't immediately return calls seeking comment Friday.
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