Citi Ducks Suit Over Loan Modification Policy

Law360, New York (August 2, 2011, 9:49 PM EDT) -- A New York federal judge on Tuesday dismissed a putative class action over a Citigroup Inc. mortgage unit's loan modification policy, saying the plaintiff failed to adequately support claims for breach of contract and fraud.

Named plaintiff Brian Costigan “simply fails to plead the who, what, when, where, and how: the first paragraph of any newspaper story,” U.S. District Judge Shira A. Scheindlin wrote in a memorandum opinion dismissing all of Costigan's claims.

Costigan sued Citi in November 2010, claiming the bank violated consumer protection laws...
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