Citigroup Faces Fraud Suit Claiming $1.1 Billion in Losses

Updated on
  • Investors in Mexican oil services firm sue over loan schemes
  • Bank fired at least 12, cut 2013 profit by $235 million

A Citibank branch in San Francisco.

Photographer: David Paul Morris/Bloomberg

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 $235 million and fire at least a dozen people.

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