Allstate, Citi Spar Over Time Bars In $200M MBS Suit

Law360, New York (November 15, 2012, 6:02 PM EST) -- Citigroup Inc. contended in New York state court Thursday that claims brought by Allstate Insurance Co. in a $200 million suit over risky mortgage-backed securities are time-barred by federal and Illinois state laws.

Arguing for dismissal of the suit, Citigroup said Allstate's claims should be time-barred under the Securities Act, as well as Illinois statutes of repose and limitations. But while the majority of Allstate's investments were made more than three years before the filing of the suit in 2011, Allstate contends that its federal claims...
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