NEW ORLEANS–(BUSINESS WIRE)–Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Citigroup Inc. (NYSE: C).
On August 12, 2020, it was revealed that the Company had inadvertently wired $900 million of its own money to various lenders of Revlon Inc., seemingly intended as an interest payment from Revlon on a loan for which Citibank acts as an administrative agent, which it later referred to as “an operational mistake.” Then, on October 7, 2020, U.S. banking regulators announced a $400 million fine and other consent orders entered against the Company for “longstanding” risk management, data governance and internal controls deficiencies. Then, on October 13, 2020, the Company reported a 5% increase in expenses during the third quarter, to a total of $11 billion, due in part to additional costs related to regulatory fines, investments in infrastructure, and other remediation costs related to control deficiencies.
KSF’s investigation is focusing on whether Citigroup’s officers and/or directors breached their fiduciary duties to Citigroup’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Citigroup shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org), or visit https://www.ksfcounsel.com/cases/nyse-c/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.