Citigroup Dodges Norwegian Investors' $13M Fraud Suit

Law360, New York (October 13, 2011, 4:47 PM EDT) -- Citigroup Inc. on Tuesday successfully fought off fraud and negligence claims from two Norwegian entities that had argued the international investment bank understated the risks of certain investment vehicles.

The Akershus county municipality pension fund and the investment bank Langen Invest AS are sophisticated investors and should have done more to research the so-called fund-linked notes they purchased from Citigroup, according to U.S. District Judge Victor Marrero, who granted Citigroup's motion to dismiss.

Akershus and Langen claimed they lost $13 million when they invested in the...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

The Municipality of BREMANGER et al v. CITIGROUP GLOBAL MARKETS INC. et al


Case Number

1:09-cv-07058

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

Victor Marrero

Date Filed

August 10, 2009

Law Firms

Companies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.