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AIB Seeking $872m From Citigroup

AIB Seeking $872m From CitigroupAIB Seeking $872m From Citigroup

Allied Irish Banks Plc is seeking $872 million from Citigroup Inc. as a 12 year-old dispute over claims the US bank helped rogue AIB currency trader John Rusnak hide almost $700 million in losses nears trial, Bloomberg reported. In the lawsuit, filed in 2003, AIB said units of Bank of America Corp. and Citigroup joined Rusnak’s scheme in 2000 by opening accounts for him, and that brokers there helped conceal his losses. Bank of America settled with AIB, according to court documents. AIB is seeking $372 million in damages in the coming trial against Citigroup and about $500 million “in pre-judgment interest,” according to a Nov. 16 filing in Manhattan federal court.

Financialtribune.com