Ocwen Drops Claims Against Citigroup In ARS MDL

Law360, New York (November 3, 2009, 12:54 PM EST) -- Ocwen Financial Corp. has dropped its claims against Citigroup Global Markets Inc., formerly known as Salomon Smith Barney Inc., in a case where Ocwen and another firm alleged Citigroup left them stranded with about $120 million in illiquid, student loan-backed auction rate securities.

Ocwen was dismissed from the case Monday in the U.S. District Court for the Southern District of New York after notifying the court that it had dropped its claims against Citigroup on Friday.

An attorney for Ocwen declined to comment on why Ocwen...
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