Citi Sues To Stanch $50M FINRA Arbitration

Law360, New York (April 18, 2011, 9:06 PM EDT) -- Citibank NA launched a suit Monday in New York state court to halt Financial Industry Regulatory Authority arbitration proceedings initiated by a Mexican investor seeking $50 million in losses allegedly caused by risky transactions under an agreement with the bank.

Citibank accuses Administradora y Comercializadora Del Valle y Ciudad de Mexico SA de CV of trying to avoid litigating in New York — as required under its International Swap and Dealers Association Inc. agreement with Citibank — by going to FINRA to undo deals it made...
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