Citigroup Faces $1 Billion Fraud Lawsuit Over Mexican Company Dealings

Published 8 hours agoC

Citigroup Faces $1 Billion Fraud Lawsuit Over Mexican Company Dealings

Citigroup is currently embroiled in a $1 billion lawsuit alleging its involvement in fraudulent activities related to Mexican oil services company, Oceanografía S.A. de C.V. (OSA). Investors and creditors of OSA claim that Citigroup's actions led to the company's bankruptcy, resulting in over $1 billion in losses, according to Bloomberg.

The lawsuit accuses Citigroup of conspiring with OSA by accepting falsified work estimates that facilitated fraudulent loans. This isn't the first incident involving Citigroup and OSA; back in 2014, Citigroup's Mexican subsidiary discovered that OSA had used falsified invoices to secure $585 million in loans. This led to a significant financial impact on Citigroup, reducing its 2013 net income by $235 million, as reported by the Associated Press.

Since the 2014 fraud discovery, Citigroup has been cooperating with Mexican authorities to investigate and recover the misappropriated funds. The current lawsuit is being contested by Citigroup as it navigates these legal challenges. Meanwhile, Citigroup's stock is trading at $72.17, showing minimal change with a slight increase of $2.26 (0.03%) from the previous close.

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