A revived lawsuit accuses Citigroup of orchestrating a more than $1 billion fraud at Oceanografia, a now-bankrupt Mexican oil and gas services company.
The nine-year-old complaint is back on after a three-judge panel of the 11th U.S. Circuit Court of Appeals in Miami ruled Citigroup must face the allegations, overturning a lower court’s decision to dismiss it.
“For the second time, we consider this long-running dispute alleging a transnational fraudulent scheme resulting in over $1 billion of losses to thirty plaintiffs. The case has cycled through four complaints, and it has languished at the pleading stage for nine years. The district court dismissed all seven counts in the 541-page third amended complaint for failure to state a claim.
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