Citigroup Wins Round In $7M MBS Suit Against Impac

Law360, New York (May 4, 2012, 8:52 PM EDT) -- In a victory for Citigroup Global Markets Inc., a California federal judge on Wednesday ruled in the company's favor on all but one claim in a $7.3 million securities suit accusing Impac Funding Corp. of misleading investors by filing a false statement in a mortgage-backed securities trust.

In granting Citigroup the lion's share of its summary judgment bid, U.S. District Judge Mariana R. Pfaelzer found that Impac violated federal securities laws when it filed an erroneous pooling and servicing agreement and took six weeks to correct...
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