Citigroup Wants Solow's Recession Crash Suit Nixed

Law360, New York (April 25, 2012, 8:42 PM EDT) -- Citigroup Inc. asked a New York federal judge Wednesday to dismiss real estate mogul Sheldon H. Solow's suit claiming it concealed its recession-related cash problems from him and other investors, arguing the strong downturn had caught everyone off guard.

The bank's lawyer told U.S. District Judge Robert W. Sweet that, contrary to Solow's claims, Citigroup had not lied about its financial state prior to the bankruptcy of Lehman Brothers Holdings Inc. in the fourth quarter of 2008 — the bank was adequately capitalized, but the economy's...
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