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Citigroup discloses new litigation related to RMBS, Banamex


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Citigroup discloses new litigation related to RMBS, Banamex

Citigroup Inc.disclosed expected dividend payments for 2016 and some new litigation against thebank in a Form 10-Q filed May 2.

The bank disclosed a new investor lawsuit alleging mismanagementin the collapse of the residential MBS market that triggered the 2008 recession.On April 18, a party named "IRA for the benefit of Victoria Shaev" fileda lawsuit on behalf of Citigroup against CEO Michael Corbat and other present andformer directors and officers. Activist investor Victoria Shaev has a of filing lawsuits againstexecutives.

In other litigation news, Citigroup disclosed that on Jan. 22it was named as a defendant in NYPL v. JPMorganChase & Co., et al., a class-action lawsuit related to the fixing of certainforeign exchanges.

Also, the bank is facing a new lawsuit related to a into the bank'sBanamex unit. On March 30, the Oklahoma Firefighters Pension & Retirement Systemwas the lead plaintiff in a lawsuit against Citigroup management, alleging breachof fiduciary duty and waste of corporate assets. Another lawsuit, led by the Fireman'sRetirement System of St. Louis, was dismissed in favor of proceeding together withthe Oklahoma group's lawsuit, which was filed in Delaware Chancery Court.

Separately, the company detailed some capital planning in theForm 10-Q by stating that it estimates preferred dividends will total roughly $868million for the remainder of this year.