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Investments / The Ticker

DOJ pursuing mortgage securities case against Citi, Merrill Lynch

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The Justice Department is reportedly prepping a civil suit against Citigroup Inc. (C) and Bank of America's Merrill Lynch (BAC) over the sale of toxic mortgage securities, Reuters reported Wednesday.

Per Reuters:

Civil investigators have compiled evidence that allegedly shows that investors lost tens of billions of dollars after purchasing securities Citigroup had marketed as safe even though the bank had reason to believe otherwise, one person said.

Source: Reuters
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