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Citigroup wins appeal of $800M suit brought by billionaire

Aug. 05, 2016 5:37 PM ETCitigroup Inc. (C) StockCBy: Jason Aycock, SA News Editor9 Comments
  • Citigroup (NYSE:C) has prevailed in an $800M court action filed by a billionaire accusing it of fraud tied to subprime and toxic mortgages.
  • Arthur Williams -- founder of what would become Primerica Financial Services -- had sued the bank and two CEOs (Charles Prince and Vikram Pandit) because he says he had planned to sell his 17.6M shares in May 2007.
  • When the bank assured investors it was in good shape, he says, he sold just 1M shares instead around the prevailing price of $51.59/share. Two years later he sold the rest of his stake at $3.09/share, and sued for the difference.
  • An appeals court in Manhattan today upheld an October 2013 ruling and said the defendants weren't liable to entities overseen by Williams and his wife. A Citigroup spokeswoman says the bank is pleased with the decision, while Williams' lawyer says their team is considering appeal options.

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