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...
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Case Information

Case Title

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


Case Number

1:12-cv-06653

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

Sidney H. Stein

Date Filed

August 30, 2012

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