Investors against Citigroup

Investors against Citigroup

26.11.2015 News

Investors against CitigroupPIMCO and other investors appealed to the court with the case against Citigroup, due to the fact that the bank is not able to control the mortgage loans, resulting in $2.3 billion of losses.

Citigroup will respond in a New York´s state court in Manhattan for actions that not justified the confidence of investors. Now the bank could ruin business relationships with other major clients. A class action lawsuit will be filed against one of the world’s largest financial corporations and a total loss is unknown yet.

Citigroup´s spokeswoman – Danielle Romero-Apsilos refused to comment this situation. PIMCO also refused to comment the situation of the press. It should be noted that PIMCO is currently suing claims against other banks, referring to the similar circumstances related to mortgage loans and losses arising on this basis.

We recall that last year there was such a precedent. PIMCO went to the court against Citigroup in the case of mortgage bonds. Then the bank charged that despite the fact that Citigroup knew about the low quality bonds, they still sold them to customers, which ultimately led to the multibillion-dollar losses.

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