Citibank attacked for attempting to have $500m suit dismissed
Allied Irish Banks (AIB), now owned by the government of Ireland, has attacked Citibank's efforts to have AIB's $500m case against it dismissed by a New York judge. AIB has claimed that Citibank aided a fraud conducted by rogue trader John Rusnak, who caused $691m if losses to occur at former AIB subsidiary, Allfirst. Citibank has argued that the court has so far "overlooked undisputed facts and controlling law that compel dismissal of this action." However, a judge said recently that she believed there is "credible" evidence that Citibank misled AIB. The case continues.
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