Norges Bank sues Citi over subprime-related losses

citigroup

The Norges Bank has sued Citi, a bank, for deception relating to subprime investments that caused the central bank $835m in losses.

In a lawsuit filed in the United States on 17 September, the Norges Bank alleged that Citi's "repeated material untrue statements and non-disclosure of material information to investors" caused the central bank to buy Citi securities at inflated prices between January 2007 and January 2009.

"When the market slowly learned the truth of Citi's financial condition [in

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