Susan M. Greenwood | Bloomberg LawSolow v. Citigroup, Inc., No. 10-CV-02927 (S.D.N.Y. Nov. 22, 2011) The U.S. District Court for the Southern District of New York dismissed without prejudice a securities fraud action by real estate developer Sheldon H. Solow against Citigroup, Inc. (Citigroup) and CEO Vikram Pandit (together, Defendants). Among other things, the Court held that plaintiff failed to adequately allege loss causation, dooming his claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, Rule 10b-5 thereunder, and for common law fraud.
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