Citigroup Sued by Norway’s Central Bank Over Losses
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Norway’s central bank sued Citigroup Inc. along with Chief Executive Officer Vikram Pandit and Chairman Richard Parsons over $835 million in losses in Citigroup stock and bonds.
Citigroup misrepresented its financial condition and failed to disclose material information, leading Norges Bank to buy Citigroup stock and bonds at inflated prices between January 2007 and January 2009, the central bank said in the Sept. 17 lawsuit filed in U.S. District Court in Manhattan.