Citigroup Countersued by Rajaraman Over Gold Losses
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Citigroup Inc.’s Singapore unit was countersued by Raghavendran Rajaraman, who claimed the bank breached an agreement by prematurely selling his gold assets held as collateral and closing his trading account.
Citigroup induced and instigated Rajaraman to apply for the maximum $50 million credit facility and then violated an agreement by not giving him ample time to “regularize” his account when gold prices fell in September, he claimed in papers filed at Singapore’s High Court. A closed hearing is scheduled for today.