Norway’s central bank has sued Citigroup for alleged misstatements over the US company’s financial condition before the financial crisis, which it claims caused heavy losses to the Norwegian sovereign wealth fund.
The suit marks the second time in less than a year that Citigroup has faced a legal challenge by a sovereign wealth fund, following an arbitration case brought by Abu Dhabi’s fund in December alleging it was the victim of “fraudulent misrepresentations”.
Citi has said both claims are without merit.
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