Citi Investors Drop $2.3B Toxic Mortgage Class Action

Law360, New York (August 16, 2019, 5:00 PM EDT) -- A New York state judge on Friday approved a move by a proposed class of Citibank NA investors to drop their lawsuit against the bank for claims they lost $2.3 billion because Citibank ignored widespread problems with toxic residential mortgage-backed securities.

Justice Andrew Borrok approved the investors' bid to dismiss their case within a matter of minutes, with no objection from the bank, after learning that the investors leading the lawsuit had resolved their claims separately. The judge then set a timetable to notify the broader class of investors and formally close the case.

While the motion filings did not indicate...

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