Citigroup Investors Face Heat in Mexican Fraud Case (Correct)

Investors who lost more than $1 billion in a fraud involving a Mexican oil services firm faced questions from a federal appeals court about just how much Citigroup Inc. knew regarding the scheme.

Judges Jill A. Pryor, Elizabeth L. Branch, and Britt C. Grant of the US Court of Appeals for the Eleventh Circuit drilled down on whether the more than 30 investors who sued Citigroup in 2016 sufficiently showed they relied on statements from the bank’s employees in New York and Miami to pump money into a scheme perpetrated through the bank’s Mexican subsidiary.

David Cooper, a Quinn Emanuel ...