Citigroup Tells 2nd Circ. RE Mogul Can't Back Up Fraud Claims

Law360, New York (September 17, 2012, 1:53 PM EDT) -- Citigroup Inc. on Thursday asked the Second Circuit to affirm a lower court's decision to toss real estate mogul Sheldon H. Solow's securities fraud suit, saying he had failed to plausibly argue that the financial giant had hidden recession-related troubles from investors.

Citigroup told the appeals court that Solow, who owned 40,000 shares of Citigroup before allegedly selling them at a loss, hasn't been able to make a plausible argument in three different complaints over alleged misrepresentations, according to a brief filed with the Second Circuit....
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