Citi Can't Ax Suit Over Bankrupt Vegas Monorail Bonds

Law360, New York (July 12, 2012, 7:17 PM EDT) -- A New Jersey federal judge on Wednesday denied Citigroup Global Markets Inc.'s bid to shake claims brought by a mutual fund that the financial giant withheld information that would have discouraged its investment in a doomed Las Vegas monorail.

U.S. District Judge Claire C. Cecchi refused to dismiss Lord Abbett Municipal Income Fund Inc.'s suit, ruling that the plaintiff had adequately pled a cause for negligent misrepresentation as well as claims of common law fraud and violations of the New Jersey Securities Act.

According to the...
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