Citibank, Fifth Third Escape Reinsurance Fraud Suits
By David McAfee
Law360, Los Angeles (July 19, 2013, 8:27 PM ET) -- A Pennsylvania federal judge on Friday dismissed two putative class actions alleging Citibank NA and Fifth Third Bank schemed with private mortgage insurers to push fraudulent reinsurance on home mortgages, saying the claims are facially untimely and can’t be equitably tolled.
The decision comes two months after Citibank urged U.S. District Judge Mark R. Hornak to dismiss the suit brought by homeowners who the bank says waited too long to sue under the Real Estate Settlement Procedures Act. Judge Hornak dismissed that suit Friday and then...