Citigroup Investors Seek Class Cert. In CDO Action

Law360, New York (July 18, 2011, 2:34 PM EDT) -- A group of Citigroup Inc. investors asked a New York federal court on Friday for class certification in their consolidated suit accusing the company of making misleading statements about its exposure to subprime mortgages.

The plaintiffs, whose five suits were consolidated in August 2008 and added to multidistrict litigation against the company in August 2009, allege that Citigroup and its top brass committed securities fraud by making misstatements and omissions between February 2007 and April 2008 regarding the company's collateralized debt obligation holdings.

They are seeking...
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