Citibank Strikes Deal In Home Equity Credit Lines Suit

Law360, New York (August 31, 2012, 7:07 PM EDT) -- Citibank NA on Friday settled a class action alleging the bank wrongfully suspended or decreased the value of home equity lines of credit based on faulty and self-serving valuations.

The total dollar value of the settlement, filed in California federal court, was not immediately known, but borrowers will each be able to recover $120 from Citibank to resolve claims that their loan was devalued or canceled based on the faulty calculation.

“Citi is pleased to have this matter resolved,” said Mark Rodgers, a spokesman for the...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

In re Citibank HELOC Reduction Litigation


Case Number

3:09-cv-00350

Court

California Northern

Nature of Suit

Real Property: Other

Judge

Maxine M. Chesney

Date Filed

January 25, 2009

Law Firms

Companies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.