Citibank Strikes Deal In Home Equity Credit Lines Suit

Law360, New York (August 31, 2012, 7:07 PM EDT) -- Citibank NA on Friday settled a class action alleging the bank wrongfully suspended or decreased the value of home equity lines of credit based on faulty and self-serving valuations.

The total dollar value of the settlement, filed in California federal court, was not immediately known, but borrowers will each be able to recover $120 from Citibank to resolve claims that their loan was devalued or canceled based on the faulty calculation.

“Citi is pleased to have this matter resolved,” said Mark Rodgers, a spokesman for the...
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