Citigroup Gets Suit Over $832M In MBS Trimmed

Law360, New York (November 17, 2014, 1:33 PM EST) -- A New York federal judge has dismissed a large portion of a suit by U.S. Bank NA against Citigroup Global Markets Realty Corp. over $832 million worth of mortgage-backed securities, saying that U.S. Bank's complaint was "rife with conjecture."

U.S. Bank sued Citigroup in October 2013, alleging that it breached misrepresentations and warranties in $832 million worth of loan securities it sold and that U.S. Bank trustees. U.S. District Judge George Daniels said that for two-thirds of the claims, U.S. Bank failed to allege that Citigroup knew of any misrepresentations. Therefore, U.S. Bank didn't meet the applicable pleading standards because it...

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