US Bank Hits Citigroup With $157M Suit Over Bad Mortgages

Law360, Los Angeles (November 1, 2013, 8:23 PM ET) -- U.S. Bank National Association, as trustee, hit Citigroup Global Markets Realty Corp. with a lawsuit in New York state court on Thursday, seeking at least $157 million for Citigroup’s alleged failure to live up to contractual obligations related to purchases of residential mortgage-backed securities.

U.S. Bank seeks redress from Citigroup for what it calls fundamental breaches and repudiation of, and refusal to perform, contractual obligations under a Mortgage Loan Purchase Agreement dated May 16, 2007, between Citigroup Mortgage Loan Trust Inc. as purchaser and Citigroup Global...
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