A United States jury rules that Citigroup did not mislead Terra Firma Capital Partners in its bid for music group EMI.
A US jury rules that investment bank Citigroup did not trick private equity firm Terra Firma in its takeover of music group EMI.
- For $8.5 billion, ten banks settle to stop mortgage foreclosure process audits. The United States government regulators had been engaged in a loan-by-loan review of home loan practices during the Great Recession. Bank of America, Citigroup Inc, JPMorgan Chase & Co, Wells Fargo & Co, MetLife Bank, Aurora Bank FSB, PNC Financial Services Group Inc, Sovereign Bank NA, SunTrust Banks Inc, and U.S. Bancorp settle with regulators to pay out cash up to $125,000 to homeowners whose homes were being foreclosed when the paperwork problems emerged. Further, Bank of America agrees to pay $11.6 billion to government mortgage finance company Fannie Mae.
- Most of the largest financial institutions in the United States pass a Federal Reserve System stress test although Citigroup, MetLife, Ally Financial and SunTrust do not.
- A federal jury convicts former Governor of Illinois Rod Blagojevich on one count of lying to the United States Federal Bureau of Investigation. The jury is deadlocked on the other 23 charges.
- EMI places its Abbey Road Studios in St John's Wood, London, up for sale in an attempt to ease the debt burden created by Terra Firma Capital Partners' leveraged buyout of the company.
- Citigroup receives US$32 billion from the United States Emergency Economic Stabilization Act.