Citibank Wins Bid To Keep $73M Fraud Suit In Federal Court

Law360, Los Angeles (December 4, 2013, 6:07 PM EST) -- A New York federal judge on Tuesday rejected Korean technology firm Simmtech Co. Ltd.’s motion to remand to state court its $73 million fraud suit accusing Citibank NA of duping Simmtech into investing in derivatives contracts to hedge against currency fluctuations by hiding risks.

Simmtech, which makes printed circuit boards for semiconductors, alleged in a complaint filed in New York state court that Citibank failed to disclose that “knock in-knock out” derivatives “were highly complex, exotic, risky foreign exchange vehicles that exposed Simmtech to virtually unlimited...
To view the full article, register now.




Case Information

Case Title

Simmtech Co., Ltd. v. Citibank, N.A. et al

Case Number



New York Southern

Nature of Suit

Personal Property: Other


Katherine B. Forrest

Date Filed

September 25, 2013

Law Firms


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.