On Wednesday, banking giant Citigroup agreed to pay $590 million to settle charges that it had hidden its exposure to the subprime mortgage market from investors before the financial crisis struck in 2008. Citigroup continues to deny the allegations in the suit — which had been brought by shareholders — but a spokesperson said the company was "pleased to put this matter behind us." Citigroup lost billions of dollars during the crisis on its portfolio of mortgage-backed assets, and received more than $40 billion in government aid to avoid going under.
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