Citi Faces Class Action Over Billions In 'Toxic Assets'

Law360, New York (December 3, 2008, 12:00 AM EST) -- Investors have hit Citigroup Inc. with a consolidated class action accusing the financial giant of misleading them and concealing its stake in tens of billions of dollars in collateralized debt obligations amid the subprime mortgage meltdown.

The ATD Group, a collection of individual investors, led the plaintiffs in a 500-page complaint, filed Monday in the U.S. District Court for the Southern District of New York.

The financial giant and its top executives, including former CEO Charles Prince and Chairman and former Treasury Secretary Robert Rubin, hid...
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