Judge dismisses most MBS claims against Citibank
Citibank has had a large number of mortgage-backed securities claims against it dismissed by a New York judge, who found a majority of the loans were not covered by federal law. Citibank is accused of mishandling mortgage-backed securities in over $17bn worth of pooled loans. However, Judge Jesse. M. Furman refused to completely dismiss the suit, rejecting Citibank's argument that the shareholders were unable to prove that the bank actually knew that any of the loan sellers had misrepresented the loans.
By Carmen Germaine (September 8, 2015, 7:43 PM EDT) -- A New York federal judge on Tuesday dismissed a large portion of claims from a derivative class action accusing Citibank NA of mishandling mortgage-backed securities in more than $17 billion worth of pooled loans, finding the majority of the loans are not covered by federal law....

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