Citigroup Sued in Abu Dhabi By Investor Over Fund Losses - Bloomberg:
"Citigroup Inc. (C) is being sued in Abu Dhabi (ADCB) by an investor who alleges the New York-based bank defrauded investors and covered up losses in a real estate fund.
The bank hid losses in its Citi Real Estate Asset Management Fund for three years before sending a letter that said an “operational error” was to blame for inaccurate values, according to the lawsuit in the Abu Dhabi Commercial Court of First Instance filed by Sami Abbas Hussein Ali.
The lawsuit also alleges that Citigroup acquired two shopping centers in the U.K. at “questionable values,” one of which was owned by the fund’s manager. A public relations company issued a statement on behalf of Ali, detailing the claim."
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