Pimco sues Citi over mortgage debt losses
New York
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 US$13.8 billion of mortgage loans, resulting in US$2.3 billion of losses.
According to a complaint filed on Tuesday 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 …
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