2010.11.0508:52:00UTC+00Citi Investors Sue Bank Over Faulty Information on Mortgage Bonds

News:

The Citigroup said that its investors Charles Schwab Corp and hedge fund Cambridge Place Investment Management have sued the bank over its mortgage underwriting process.
The lawsuit said that the "actionable misstatements or omissions in connection with the issuance and underwriting of residential mortgage-backed securities."
The bank shares were up at 0.9 pct at $4.37 in the morning trading.

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