Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Citigroup    C

CITIGROUP (C)
Mes dernières consult.
Most popular
  Report  
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets

Merrill wins dismissal of CDO lawsuit by South Korea's Woori

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/07/2013 | 02:48am CEST

NEW YORK (Reuters) - A U.S. judge threw out a lawsuit from South Korea's Woori Bank accusing Bank of America Corp's Merrill Lynch unit of misleading investors about the riskiness of collateralized debt obligations, saying the suit had missed a deadline under South Korean law.

U.S. District Judge Victor Marrero said the 2012 lawsuit had been filed after a three-year deadline under South Korean law had expired. Woori Bank, which is owned by Woori Finance Holdings Co Ltd, argued that it had three years from when the U.S. Financial Crisis Inquiry Commission published a January 27, 2011 report on the economic crisis to bring its claims.

But the judge disagreed in a ruling dated February 5 that was released Wednesday. Marrero said Woori should have been aware of the "overall controversy surrounding Merrill Lynch's CDO investments" several years earlier, as lawyers for Merrill Lynch had argued.

U.S. lawyers for Woori did not immediately return requests for comment Wednesday evening. A spokesman for Bank of America, Bill Halldin, said the company was pleased with the court's decision. Bank of America bought Merrill Lynch in 2008.

Woori had accused Merrill Lynch of misrepresenting the riskiness of seven CDOs in which Woori had invested in 2005 and 2006. In all, Woori invested $143 million in those CDOs, according to the ruling.

Woori accused Merrill of inducing it to invest by concealing information about the riskiness of the underlying mortgages and the credit ratings assigned to those CDOs. The lawsuit sought at least $143 million and other damages for claims including fraud, negligent misrepresentation and unjust enrichment.

Created in the aftermath of the 1997 Asian financial crisis, Woori became the South Korean financial sector's biggest victim of the U.S. subprime mortgage crisis, writing off much of a roughly $1.5 billion stake in credit default swaps and CDOs.

It sued several U.S. banks in connection with those losses, including Citigroup Inc and Royal Bank of Scotland Group Plc. A federal judge dismissed the case against RBS in December. Citigroup's motion to dismiss the lawsuit against it is still pending. The case is Woori Bank v. Merrill Lynch et al., in the U.S. District Court for the Southern District of New York, no. 12-3993.

(Reporting by Jessica Dye; Editing by Edwina Gibbs)

By Jessica Dye

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA -1.70% 29.53 Delayed Quote.1.76%
CITIGROUP -1.09% 68.98 Delayed Quote.-6.28%
ROYAL BANK OF SCOTLAND GROUP PLC -0.41% 269.94 Delayed Quote.-2.48%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on CITIGROUP
01:31pCITIGROUP : Sen. Kennedy Urges State Officials to Reevaluate Contracts With Citi..
AQ
11:15aNOVAVAX : Announces Closing of Public Offering
AQ
12:50aAmEx profit tops estimates as record splurge on rewards woos customers
RE
12:50aAmEx profit tops estimates as record splurge on rewards woos customers
RE
04/18CITIGROUP : Citi 2018 Annual Stockholders’ Meeting
BU
04/18Morgan Stanley executives tamp down enthusiasm on record profit
RE
04/18Morgan Stanley executives tamp down enthusiasm on record profit
RE
04/18Dutch energy company Eneco working with Citi on sale -sources
RE
04/18BANKS' NEW TAX-LAW BOOST : $2.5 Billion -- WSJ
DJ
04/18CITIGROUP : Sen. Kennedy, John - (R - LA) News Release
AQ
More news
News from SeekingAlpha
07:04aWALL STREET BREAKFAST : Rally In Commodities Helps Push Stocks Higher 
04/18Bank earnings growth thanks to tax cuts - WSJ 
04/16Citigroup's Valuation Masks Some Incremental Progress And Improvement 
04/16PNC Financial's Sluggish Quarter Looks Like Par For The Course 
04/16Syria Strengthens The Wall Of Worry 
Financials ($)
Sales 2018 74 202 M
EBIT 2018 31 809 M
Net income 2018 16 201 M
Debt 2018 -
Yield 2018 2,10%
P/E ratio 2018 10,66
P/E ratio 2019 9,29
Capi. / Sales 2018 2,38x
Capi. / Sales 2019 2,29x
Capitalization 177 B
Chart CITIGROUP
Duration : Period :
Citigroup Technical Analysis Chart | C | US1729674242 | 4-Traders
Technical analysis trends CITIGROUP
Short TermMid-TermLong Term
TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 83,1 $
Spread / Average Target 21%
EPS Revisions
Managers
NameTitle
Michael Louis Corbat Chief Executive Officer & Director
James Anthony Forese President & CEO-Institutional Clients Group
Michael E. O'Neill Chairman
Don Callahan Head-Operations & Technology
John C. Gerspach Chief Financial Officer
Sector and Competitors
1st jan.Capitalization (M$)
CITIGROUP-6.28%176 611
JP MORGAN CHASE & COMPANY3.06%372 827
INDUSTRIAL AND COMMERCIAL BANK OF CHINA-6.61%327 191
BANK OF AMERICA1.39%302 496
CHINA CONSTRUCTION BANK CORPORATION-5.21%271 591
WELLS FARGO-16.65%245 706