Citibank Renews Bid To Dodge $2.3B RMBS Class Action
Law360, New York (December 20, 2016, 5:45 PM EST) -- Citibank NA on Tuesday again asked a New York judge to toss a proposed class action accusing the bank of ignoring pervasive problems with residential mortgage-backed securities, saying precedent from a recent state appellate ruling supports its contention that the suit is inadequately pled.
Investors allege Citibank turned a blind eye to widespread problems in how the underlying loans allegedly worth more than $13.8 billion were written or serviced, alleging the bank feared jeopardizing its relationship with loan servicers like Washington Mutual, Lehman Brothers Holdings Inc. and Wells Fargo. The suit claims investors lost $2.3 billion.
But Citibank contends the putative...
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