Citibank filed a lawsuit over default on the sale of assets on a loan for 224 million euros

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Law360, London (18 Aug 2021 2:46 p.m. ET) – An investment management firm has sued Citibank for liquidating part of its bond portfolio to pay off a € 224 million ($ 262 million) loan default, claiming that the lender bought the assets at uncompetitive prices after the pandemic caused them to fall in value.

The High Court lawsuit filed by VER Capital Credit Partners Sicav-SIF said the forced liquidation of Citibank NA involved the illegal “self-sale” of the US lender’s own counter at an undervalued value in a process that was not transparent, according to an August 3 statement. which became public on 13 August. Some assets were sold to third parties …

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