PayQuik Shareholder Rep Hits Citi Over $4M In Escrow

Law360, New York (September 15, 2009, 4:52 PM EDT) -- An accounting firm representing shareholders of PayQuik.com, an international money transfer company taken over by Citibank NA in 2008, has sued Citibank and U.S. Bank NA for the release of approximately $4 million in escrow funds still being held after a deadline for indemnity claims passed.

In a complaint filed Monday in the U.S. District Court for the District of Delaware, Fesnak and Associates LLP, the stockholder representative, said Citibank filed a withdrawal claim against the escrow fund July 10, one day after a deadline for...
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