Investor Sues Citigroup, Others Over Risk Management Misrepresentations

(December 4, 2020, 5:19 PM EST) -- NEW YORK — Citigroup Inc. and certain of its current and former executive officers concealed from investors that the financial institution was not in compliance with the terms of regulatory settlements it agreed to with federal agencies by failing under the terms of the settlements to provide proper oversight of its internal controls and risk management in violation of federal securities laws, an investor alleges in a Nov. 13 class action complaint filed in New York federal court (City of Sterling Heights General Employees’ Retirement System v. Citigroup Inc., et al., No. 20-9573, S.D. N.Y.)....

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