Content area
Full Text
Citigroup Inc. agreed to pay $6.9 million to settle a lawsuit filed in October 2007 accusing the bank of including expensive, underperforming investment products, which were managed by Citigroup units and affiliates, in the bank's retirement plan. Participants in the Citi 401(k) plan who invested in one of nine in-house funds between Oct. 18, 2001, and Dec. 1, 2005, are among those eligible to receive payment, InvestmentNews reports.
In other banking news, Bank of America Corp. is facing backlash from customers for inquiring about their citizenship status, American Banker reports. Bank customers in Latino communities are particularly concerned that the citizenship questions could later be used against them given the tough stance of President Donald Trump's administration on immigration enforcement. Contrary to some customers' claims that they received the notices asking for their citizenship status for the first time, BofA spokesman Christopher Feeney said the bank has been inquiring about customers' citizenship for...