Citigroup Asks 2nd Circ. To Uphold Time Limit In CDO Suits

Law360, New York (June 13, 2012, 3:08 PM EDT) -- Citigroup Inc. on Friday urged the Second Circuit to rule that 19 European banks and investment firms are time-barred from opting out of a 4-year-old putative class action claiming Citigroup failed to disclose risks associated with its collateralized debt obligations, in a case that could set new precedent on time limits in securities actions.

Citigroup argued in a brief filed Friday that Congress intended to set a firm three-year deadline for investor claims, and that allowing the European banks to proceed with opt-out suits would improperly...
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