Citigroup Says $9B Euro Note Suit Untimely, In Wrong Court

Law360, New York (November 6, 2012, 2:43 PM EST) -- Citigroup Inc. told a New York federal judge Monday that a proposed class action claiming the bank's falsified exposure to subprime mortgage assets led to $9 billion in losses for holders of its medium-term Euro notes is time-barred and can't be pursued in a U.S. court.

The financial services giant said British pension fund Rentokil-Initial Pension Scheme can't bring a claim against Citigroup and four former top executives under the U.K.’s Financial Services and Markets Act. The fund asserts it has standing in New York federal...
To view the full article, register now.




Case Information

Case Title

Rentokil-Initial Pension Scheme v. Citigroup Inc. et al

Case Number



New York Southern

Nature of Suit



Sidney H. Stein

Date Filed

August 30, 2012

Law Firms


Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.