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German Firms Sue Citigroup Over $150M In Losses

Law360 (January 14, 2011, 8:31 PM EST) -- Three German investment firms that purchased Citigroup Inc. securities during the past five years have launched a suit seeking to recover losses of more than $150 million that they claim resulted from the bank's repeated misstatements of its financial health.

Independent fund management company Universal-Investment-Gesellschaft mbH, Munich Re Group parent company Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen and Munich Re subsidiary Meag Munich Ergo Kapitalanlagegesellschaft mbH filed their 228-page complaint against Citigroup, Citigroup Global Markets Inc. and more than 20 Citigroup executives Friday in the U.S. District...
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