Brazilian Investor Sues Citi For $34M

Law360, New York (March 2, 2011, 7:30 PM EST) -- A Brazilian millionaire filed suit Friday in New York federal court seeking to force Citigroup Inc. to reimburse him the $24 million he lost by investing in risky reverse convertible notes and pay another $10 million in punitive damages.

Bernardo Valentini and Windsor International Investment Co., the trust he set up to invest family assets, filed the lawsuit in the U.S. District Court for the Southern District of New York. He alleges Citigroup hid the truth about the significant risks associated with the notes.

The lawsuit...
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