Investors Say CIT Lied About Risks

Law360, New York (July 20, 2009, 5:44 PM EDT) -- Cash-strapped CIT Group Inc. — which is currently embroiled in a struggle to avoid filing for bankruptcy — is also facing allegations that it failed to disclose risks associated with its subprime home lending and private student lending businesses, causing shareholders to suffer “hundreds of millions of dollars” in damages.

The claims came in a consolidated complaint filed Thursday in the U.S. District Court for the Southern District of New York by a Netherlands-based pension fund, Pensioenfonds Horeca & Catering, which was recently appointed the lead...
To view the full article, register now.




Case Information

Case Title

In re: CIT Group Inc. Securities Litigation

Case Number



New York Southern

Nature of Suit



Barbara S. Jones

Date Filed

July 25, 2008

Law Firms


UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.