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.

Documents

Related

Sections

Case Information

Case Title

In re: CIT Group Inc. Securities Litigation


Case Number

1:08-cv-06613

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

Barbara S. Jones

Date Filed

July 25, 2008

Law Firms

Companies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.