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Pimco, others sue Citigroup over billions in mortgage debt losses
By Jonathan Stempel
Reuters
Wednesday, November 25, 2015
Pacific Investment Management Co. and other investors have sued Citigroup Inc. over the bank's alleged failure to properly monitor toxic securities backed by more than $13.8 billion of mortgage loans, resulting in $2.3 billion of losses.
According to a complaint filed Tuesday night in a New York state court in Manhattan, Citigroup breached its duties as trustee for the 25 private-label trusts dating from 2004 to 2007 by ignoring "pervasive and systemic deficiencies" in how the underlying loans were underwritten or being serviced.
The investors said Citigroup looked askance at the loans' "abysmal performance" out of fear it might "jeopardize its close business relationships" with loan servicers including Wells Fargo & Co. and JPMorgan Chase & Co., or prompt them to retaliate over its own problem loans. ...
... For the remainder of the report:
http://www.reuters.com/article/2015/11/25/us-citigroup-pimco-lawsuit-idU...
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