A federal appeals court rejected a one-time billionaire's bid to revive his $800m lawsuit accusing Citigroup of fraudulently hiding its exposure to subprime and other toxic mortgages, inducing him to hold on to shares he otherwise would have sold.
Reuters reports that the 2nd U.S. Circuit Court of Appeals in Manhattan on Friday said Citigroup and former officials, including two chief executives Charles Prince and Vikram Pandit, were not liable to trusts and corporate entities overseen by Arthur Williams and his wife.
"We respectfully disagree with the court's opinion, and are considering our appeal options," Jacob Zamansky, a lawyer for the Williamses, said in a phone interview.
Citigroup spokeswoman Danielle Romero-Apsilos said the bank was pleased with the decision.
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