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Federal regulators charged a Citigroup unit with negligence Wednesday, saying it misled investors about an investment product it used to bet against them as the housing market deteriorated. Citigroup agreed to pay a settlement of $285 million, which will be distributed to investors, the Securities and Exchange Commission said.
JPMorgan Chase & Co and Bank of America Corp were hit with new lawsuits by investors seeking to recover losses on $4.5 billion of soured mortgage debt, expanding the litigation targeting the two largest U.S. banks.
A group of investors in bankrupt Tribune Co sued JPMorgan, Merrill Lynch, Citicorp and Bank of America, claiming the banks arranged $3.7 billion in loans in 2007 they knew the company could never repay.
Carl Icahn sued Lions Gate over what he called a "reprehensible" debt-to-equity deal executed last week by the movie studio that reduced the activist investor's stake.
Senh: Another never-ending saga between Carl Icahn and Lions Gate. I'm sure glad that The Expendables was near completion when this whole takeover started. I'm not a fan of hostile takeovers.