Real Estate Mogul Asks 2nd Circ. To Revive Citi Fraud Suit

Law360, New York (December 11, 2012, 6:49 PM EST) -- Real estate mogul Sheldon H. Solow asked the Second Circuit on Tuesday to reverse a lower court’s dismissal of his securities fraud suit accusing Citigroup Inc. of hiding recession-related troubles from investors.

At oral argument, Solow’s attorney Donald A. Corbett argued that a lower court erred in finding in May that Solow failed to show that Citigroup’s alleged nondisclosures caused the bank’s stock to plummet in 2008.

Solow claims that Citigroup’s stock dropped when the bank revealed its continuing exposure to write-downs on tens of billions...
To view the full article, register now.