Citigroup affected with 1b fraud action procedure via the Mexican oil scandal

In a breathtaking application, the Citigroup of a lawsuit of $ 1 billion against Wall Street Titan must have played a central role in a massive fraud system that is tied to a Mexican oil service company that is now no longer detailed. The decision, which will be handed down by a three-judge committee of the 11th US Court on Thursday, is burdening a long-standing legal powder barrel that could send tremors through the global banking world.

Alleged cover-up, billion dollar losses and fraudulent signatures

At the center of the revived lawsuit comes the Banamex unit of Citigroup in Oceanografía, a drilling entrepreneur of the Mexican oil company Pemex, and hidden fraud fraud. The plaintiffs, which can be attributed from bonds and leasing companies to international creditors, knowingly broadcast the Citigroup between 2008 and 2014 to $ 3.3 billion to Oceanografía, although they have red flags, including forged Pemex signatures and bale debts.

The Court of Appeal found that the plaintiffs presented a convincing case that Citigroup supported the fraud considerably and held back critical information that could have prevented more than 1 billion US dollars.