Citigroup Appeals For Coverage In $55M Mexican Land Gaffe

Law360, Houston (April 25, 2013, 10:37 PM EDT) -- A Citigroup Inc. unit told a Texas appeals court Thursday that Stewart Title Guaranty Co. should make good on insurance it issued that allegedly guaranteed title to land a luxury hotel developer bought for $55 million only to discover it belonged to the Mexican government.

Jason W. Billeck of Weil Gotshal & Manges LLP, which represents Citigroup Global Markets Realty Corp., argued to the Fourteenth District Court of Appeals that a jury got it wrong when it found that the bank and the Kor Group knew about the Mexican government’s claim to the land before the purchase, invalidating insurance coverage....

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