A financial crisis lawsuit that stumbled on South Korean law regained its footing on Wednesday, when a U.S. appeals court revived claims that Citigroup Inc. duped a Korean bank into investing in a complex investment product that went belly-up in the global recession.
Siding with South Korea’s Woori Bank and its lawyers at Hausfeld, the U.S. Court of Appeals for the Second Circuit reversed a prior ruling that found Woori’s case was brought too late. Woori in 2007 invested $25 million into the Armitage ABS CDO, which, the South Korean bank alleges, Citigroup Global Markets Inc. sold only after ensuring—and betting—that an underlying collateralized debt obligation would fail.
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