Citigroup Sued Over Reduced Home Equity Lines

Law360, New York (September 14, 2009, 1:25 PM EDT) -- Citigroup Inc. has been hit with a putative class action accusing the financial giant of violating federal law and its contracts with customers by reducing and freezing home equity lines of credit based on a geographic survey rather than the homes' actual values.

In a complaint filed Friday in U.S. District Court for the Southern District of California, a Citigroup customer alleges the bank has breached its contract and implied covenants and is guilty of unjust enrichment and unfair business practices.

The suit names Citigroup and...
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