Citi Units Skirt Suit Over $348M Metal Co. Deal

Law360, New York (March 27, 2013, 6:24 PM EDT) -- A New York state judge put the brakes Wednesday on a lawsuit accusing Citigroup Inc.'s private equity affiliates of hiding a steel company's government contracting violations before they sold it in a $348 million deal, ruling that the allegations were too sparse. 

Concrete masonry manufacturer Americas Products and Distribution Inc. had claimed that Citigroup had covered up the fact that its portfolio company Ivy Steel & Wire Inc. was substituting cheap foreign steel for American product on government projects before its sale in 2006, and that...
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