Loreley Financing v. Citigroup Global Markets | Citigroup Sued for Fraud Over $1 Billion of CDOs

Citigroup sued for fraud over $1 billion of CDOs

(Reuters) – Citigroup Inc (C.N) was sued for fraud by Loreley Financing over nearly $1 billion worth of collateralized debt obligations purchased in 2006 and 2007.

Citigroup is accused of defrauding Loreley into purchasing “fraudulent investments that are now worthless,” Loreley said in a complaint filed Tuesday in New York State Supreme Court in Manhattan.

Citi used the CDOs to offload the risks of toxic mortgage-backed securities on its books and to help preferred clients “short” the housing market, the lawsuit claims.

Rest here…

Complaint Below…

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4closureFraud.org

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Loreley Financing v. Citigroup Global Markets

Comments
4 Responses to “Loreley Financing v. Citigroup Global Markets | Citigroup Sued for Fraud Over $1 Billion of CDOs”
  1. readdocs says:

    Due diligence should be the motto of all who are involved with finances.
    Believe nothing you hear, and only half of what you see.

  2. lvent says:

    They really are idiots when you look at it through Mike Meyers lens..!

  3. lvent says:

    LOL!! Why make billions when we can make trillions!!! Mwahaha!

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