Citigroup May Face Mexican Fraud Suit in US Courts (Correct)

Citigroup may have to face a fraud suit in the US from investors who say they lost more than $1 billion to a scheme involving bad loans to a Mexican oil services firm, a federal appeals court said.

A unanimous three-judge panel of the US Court of Appeals for the Eleventh Circuit ruled that a federal district court in Miami improperly dismissed the case—brought by 39 different entities, two of which are U.S. companies—on grounds that a U.S. court is not a suitable forum. The lower court should take another pass at the decision, and more properly weigh the arguments ...