In litigation, as in life, past is prelude. To understand why Citigroup and its lawyers at Paul, Weiss, Rifkind, Wharton & Garrison decided to settle the Federal Housing Finance Agency’s $3.5 billion mortgage-backed securities suit, you have to look back nine years to the shareholder class action stemming from securities and accounting fraud at WorldCom.
via Why Citi blinked in FHFA MBS cases – and what it means for other banks.
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