Citigroup To Face Pa. Pension Fund Case In State Court

Law360, New York (May 20, 2011, 4:06 PM EDT) -- A federal judge on Friday remanded to state court a lawsuit brought by two Pennsylvania pension funds alleging Citigroup Inc. cost state employees millions of dollars by hiding its exposure to mortgage-backed securities.

Citigroup Inc. will defend against two Pennsylvania pension funds' lawsuit alleging the company hid its exposure to mortgage-backed securities, costing state employees millions of dollars, in state court following a federal judge's Friday remand order.

U.S. District Judge Berle M. Schiller found that the Commonwealth of Pennsylvania Public School Employees’ Retirement System and...
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