Citigroup Write-Down Suit Should've Survived, Atty Says

Law360, New York (September 10, 2013, 6:32 PM EDT) -- A New York state judge shouldn't have considered a letter refusing shareholders' demand that Citigroup Inc. investigate its fishy $8 billion to $11 billion subprime mortgage write-down when he dismissed their derivative lawsuit, the shareholders' attorney told a state appeals court panel Tuesday.

Richard D. Greenfield of Greenfield & Goodman LLC, who represents the shareholders, told a four-judge state appeals court panel that if now-retired Judge Bernard Fried had only considered the shareholders' complaint, as he was required to do on a motion to dismiss, he...
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