Norwegian Investors Hit Citi With Securities Suit

Law360, New York (January 12, 2011, 2:29 PM EST) -- A public pension fund and private investment company in Norway have become the latest entities in the Scandinavian nation to launch multimillion-dollar litigation against Citigroup Inc. over allegations the financial giant understated the risks of certain investment vehicles.

The pension fund for the Akershus county municipality and Langen Invest AS filed their suit Tuesday in the U.S. District Court for the Southern District of New York, alleging they lost $13 million by purchasing so-called fund-linked notes that Citigroup promised would be safe investments.

The lawsuit comes...
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