Citigroup, Execs Targeted In $9B Euro Note Class Action

Law360, New York (September 4, 2012, 3:51 PM EDT) -- Citigroup Inc. and four current and former top executives were hit with a proposed class action brought by a pension fund Thursday alleging the financial services giant lied about its exposure to subprime mortgage assets and caused more than $9 billion in losses for holders of its medium-term Euro notes.

According to Rentokil-Initial Pension Scheme’s complaint, filed in New York federal court, Citigroup and former CEOs Sanford Weill and Charles Prince, former Chairman Robert Rubin and current CEO Vikram Pandit falsely and misleadingly failed to disclose...
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