NEW YORK — A state trial judge has dismissed a shareholder derivative case against Citigroup Inc.’s directors that alleged they should be held personally liable for losses stemming from the bank’s misstatement of LIBOR.
Shareholder Lawrence Zucker argued that Citigroup’s directors should have known, based on news reports, that Citigroup was a participant in a scheme by multinational banks to understate the LIBOR rate, a key interest rate, which allowed the banks to overstate their financial results.
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