Citi in fraud suit claiming US$1.1b in losses
Plaintiffs claim they were harmed by the bank's loan to Mexican oil services firm
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New York
CITIGROUP Inc was sued for fraud by investors and creditors of a bankrupt Mexican oil services firm over claims they were harmed by a loan scheme that also led the bank to cut 2013 profit by US$235 million and fire at least a dozen people.
Citigroup's loans led to the 2014 collapse of the Mexican firm, Oceanografia SA, and caused Dutch lender Rabobank Groep, with investors and creditors, to lose at least US$1.1 billion, according to the lawsuit filed on Friday in Miami federal court. Rabobank and other investors separately filed a negligence suit in Delaware state.
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