Financial Services Litigation & Investigations Group
Financial Services Litigation & Investigations Group
In the face of turmoil and uncertainty, the world's major financial institutions continue to choose our team to help them manage their business, litigation and reputational risks and thrive in the new economic and regulatory climate. To our clients we are much more than litigators - we are business partners who have a stake in their success.
Citigroup Wins Dismissal of CDO Lawsuit
- Client News
- March 27, 2013
Judge Laura Taylor Swain of the United States District Court for the Southern District of New York granted our motion to dismiss a complaint filed against Citigroup by Woori Bank asserting claims arising out of its purchase of $95 million of collateralized debt obligations ("CDOs") backed by subprime residential mortgage-backed securities. In its complaint, Woori Bank alleged that Citigroup fraudulently and negligently misrepresented the quality of assets underlying the CDOs and the process of vetting and selecting assets. Judge Swain dismissed the complaint for failure to plead an actionable misrepresentation or omission under Fed. R. Civ. P. 9(b).
The Paul, Weiss team included litigation partners Susanna Buergel, Jessica Carey and Brad Karp.