Citigroup Settles NC Credit Life Allegations for $20 Million
September 17, 2001
Concerns about credit life insurance continue to plague Citigroup: the banking giant has agreed to pay up to $20 million to settle allegations that a subsidiary bilked borrowers in North Carolina on the sale of the much-maligned product. "These customers deserve refunds because many were duped into buying unnecessary and expensive insurance products," said Roy Cooper, the Tarheel State’s attorney general.