Citi must face $1B suit claiming it aided Oceanografia fraud, Reuters reports

A three-judge panel of the 11th U.S. Circuit Court of Appeals in Miami has ruled that Citi (C)group must face a renewed lawsuit alleging it caused more than $1B of losses by orchestrating and concealing a vast fraud at the now-bankrupt Mexican oil and gas services company Oceanografia, Reuters’ Jonathan Stempel reports. Roughly 30 Oceanografia vendors, creditors and bondholders adequately alleged that Citigroup substantially aided the fraud, and a lower court judge erred in dismissing the nine-year-old case.