Citigroup Seeks Slam Dunk On $7M Impac MBS Flub

Law360, Los Angeles (April 11, 2012, 9:25 PM EDT) -- Citigroup Global Markets Inc. urged California federal judge Wednesday to find that Impac Funding Corp. violated securities laws when it sold $7.3 million worth of certificates in a mortgage-backed securities trust, saying Impac clearly knew a federally filed document had a critical error.

“The defendants filed an erroneous pooling and servicing agreement on which my clients relied,” Richard C. St. John, an attorney for Citigroup’s brokerage and securities arm, told U.S. District Judge Mariana R. Pfaelzer on Wednesday. “At the time of my client’s purchase, they...
To view the full article, register now.