{"id":5688,"date":"2014-09-30T00:00:00","date_gmt":"2014-09-30T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2014\/09\/citigroup_inc_must_turn_over_b"},"modified":"2022-03-11T13:24:24","modified_gmt":"2022-03-11T19:24:24","slug":"citigroup-inc-must-turn-over-b","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/citigroup-inc-must-turn-over-b\/","title":{"rendered":"Citigroup Inc. Must Turn Over Bank Records Over Banamex Unit to Oklahoma Pension Fund"},"content":{"rendered":"\n

A judge has ordered Citigroup Inc. (C) <\/a>to give over certain internal records to the Oklahoma Firefighters Pension and Retirement System related to the bank\u2019s Banamex unit. The pension fund is a Citigroup shareholder. <\/p>\n

Earlier this year, Citigroup revealed that its retail bank in Mexico City had been deceived in an accounting fraud involving Oceanografia, an oil-services company. Meantime, federal prosecutors have also been looking into whether Banamex USA did enough to protect itself so that customers couldn\u2019t use it to launder money. Now, the U.S. Department of Justice and the Securities and Exchange Commission are examining Banamex USA and Banamex. <\/p>\n

The Oklahoma fund submitted a complaint earlier this year asking to be able to look into whether Citigroup board members and executives had violated their fiduciary duty to shareholders related to the loan fraud scandal involving the Mexican unit. In its complaint, the pension fund alleged that Citigroup\u2019s officers and directors may have known of the risks or existence of illegal activities and fraud but ignored them, as well as the likely civil and criminal penalties that could result.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

A judge has ordered Citigroup Inc. (C) to give over certain internal records to the Oklahoma Firefighters Pension and Retirement System related to the bank\u2019s Banamex unit. The pension fund is a Citigroup shareholder. Earlier this year, Citigroup revealed that its retail bank in Mexico City had been deceived in an accounting fraud involving Oceanografia, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3820,3752],"tags":[],"class_list":["post-5688","post","type-post","status-publish","format-standard","hentry","category-citigroup","category-financial-firms"],"yoast_head":"\nCitigroup Inc. Must Turn Over Bank Records Over Banamex Unit to Oklahoma Pension Fund — Investor Lawyers Blog — September 30, 2014<\/title>\n<meta name=\"description\" content=\"A judge has ordered Citigroup Inc. 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