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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal, Financials

Norway’s central bank sues Citigroup: Report

Posted on 27 September 2010

From Indiatimes.com: Norway’s central bank is suing Citigroup for alleged non-disclosure of financial risks at the time when Norwegian sovereign wealth funds were used to purchase securities issued by the US lender prior to the global financial crisis.
Norges Bank alleges that it lost USD 835 million because Citi failed to fully reveal the financial risks it was facing, particularly from investments in sub-prime mortgages, British daily The Financial Times reported, citing a lawsuit filed in New York……………………………………….Full Article: Source

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