Norway Put CitiBank on Trail

"The plaintiff (i.e. the Central Bank of Norway) acquired Citigroup shares at inflated prices from January 2007 to January 2009 due to repeated statements by the defendants substantial, with the statements being untrue, and as a result of default by Citigroup to investors on the disclosure of data "- noted in the statement of claim. Meanwhile, Citigroup has denied all charges. "We are confident that the accusation is groundless and will vigorously defend our position," – said Citigroup spokeswoman Danielle Romero-Epsilos.

Bank of Norway invested in shares of Citigroup as an asset manager of the Norwegian Petroleum Fund, which is the second largest in the world. Foundation established in 1990 for multiplying the income from oil sales in 2008, lost 23% in the crisis, but has since made up the losses.

In July, Citigroup agreed to pay a fine of $ 75 million to settle charges of concealing information from investors in sub-standard mortgage loan in advance of the crisis on the real estate market in 2007. Citigroup has provided incorrect information on the financial performance of assets linked to sub-standard mortgages. For example, some documents bank lacked information about the mortgage securities worth more than $ 40 billion.

Citigroup has a significant impact on the entire banking sector and the U.S. financial system in particular. Citigroup is one of the so-called "Big Four" banks in the U.S., together with its main competitors – Bank of America, JP Morgan Chase and Wells Fargo.

Last year, the Investment Authority of Abu Dhabi has filed a lawsuit accusing Citigroup that unreliable information provided led to unprofitable investment of $ 7.5 billion in 2007.

In 2009, seven Norwegian communities appealed to the court for Citigroup to recover from losses from operations with derivatives. Due to the false information supplied by the Bank, Norwegians lost $ 115 million

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