Citi Defrauded Homeowners On Reinsurance: Class Action

Law360, Washington (January 20, 2012, 2:46 PM EST) -- A Pennsylvania couple hit Citibank NA and a slew of private mortgage insurers with a putative class action Thursday alleging they schemed to push fraudulent reinsurance on home mortgages that involved illegal kickbacks and referral payments with other lenders.

Citibank and the insurers enacted a “captive reinsurance scheme” in which the insurers paid Citibank illegal referral payments in the form of purported reinsurance premiums, and Citibank received an unlawful split of private mortgage insurance premiums paid by the insurers‘ customers referred by Citi entities, according to...
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Case Information

Case Title

MENICHINO et al v. CITIBANK, N.A. et al

Case Number



Pennsylvania Western

Nature of Suit

Real Property: Other


Mark R. Hornak

Date Filed

January 13, 2012


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