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Citigroup, Morgan Stanley Sued Over Overseas Shipholding

Citigroup Inc., Morgan Stanley and HSBC Securities (USA) Inc. were among underwriters sued by an investor in a $300 million debt offering by Overseas Shipholding Group Inc., which filed for bankruptcy Nov. 14.

The underwriters and Overseas directors and officers signed off on misleading financial documents for the March 24, 2010, offering, according to the lawsuit filed Nov. 21 in New York state court in Manhattan.