Citigroup Sued Over Reduced Home Equity Lines

Law360, New York (September 14, 2009, 1:25 PM EDT) -- Citigroup Inc. has been hit with a putative class action accusing the financial giant of violating federal law and its contracts with customers by reducing and freezing home equity lines of credit based on a geographic survey rather than the homes' actual values.

In a complaint filed Friday in U.S. District Court for the Southern District of California, a Citigroup customer alleges the bank has breached its contract and implied covenants and is guilty of unjust enrichment and unfair business practices.

The suit names Citigroup and...
To view the full article, register now.