Dr. de los Santos and a group of more than 500 investors are now considering suing Citibank for lulling them into a financial trap by false advertising.
Citibank's advertising policy was quite aggressive and investors truly believed that their savings in the US bank would be safe from government interference. The bank is even thought to have encouraged savers to maintain US dollar accounts in Argentina as the interest rates they would receive would be greater than elsewhere.
Citibank, however, is thought to be on fairly firm ground as the legal position tends to support its view that foreign banks are subject to the same constraints as domestic institutions. The moral argument is thought to have little weight in the boardroom of the New York bank.
Legal Threat To Citibank
Maria Carman de los Santos had US$ 225,000 in her Citibank account in Argentina. Just over 4 months ago her accounts were frozen and then converted into pesos. The value of her funds are now worth US$75,000 and she blames Citibank just as much as the Argentinian government, who ordered the switch.
'Gang Of One' - The True Story Of How A Successful Banker Coped With Prison Life
'The End Of Normal' - The Stigma Of Being A MadoffNews RSS Feed Like us on Facebook Linkedin Follow us on Twitter
Videos
Latest in Business
back-up- Disbelief As Greek Politicians Delay Deal On €130bn Rescue Package
- Firms Consider Stopping Annual Bonus Awards
- Goldman Bosses Get Bonus Cuts, Firm Looks For Growth In Europe
- PIMCO Announces EVP, SVP & VP Promotions
- Last Week's Biggest Losers
- 35th Annual Empire State Building Run-Up
- Bob Diamond Comp, Goldman, Julius Baer, Lazard, MF Global, Hedge Funds
- AG Announces Major Lawsuit Against Largest US Banks For Deceptive & Fraudulent Use Of Electronic Mortgage Registry
- Bankers Warned Of Carnage & Urged Not To Bother Going To Work
- Even The Bankers Are Saying It: This Might Be The End For Big Bonuses
- London Deals
- Lloyd Blankfein Speaks Out For Marriage Equality
- Obituary: The Investment Banking Bonus
- 31 Wall St Execs Who Did OK On Pay For 2011
- 'Old Traders' - Chapters I - VIII
- BofA, BNY Mellon, Carlyle, Goldman, MF Global, John Paulson, Allen Stanford
- Featured Recruiter - NJF Search
- Featured Training Company of the Month – PRPi Training Limited
- Recruitment Firms We Like
- Here Is The City Hits New Readership High - 414,059 Unique Users
- 11 Things That Happened This Day In History - 6th February
- RBS Chairman Defends Stephen Hester's Near-£1m Bonus
- Top Firm Said To Be Cutting Bonuses & Jobs
- UBS Faces Formal FSA Investigation After Kweku Adoboli Charges
- Ex-MF Global Chief Risk Officer Says He Expressed 'Concerns' & Urged 'Caution'
- Ed Miliband's Speech On Banking - Pay 'Too Big, Too Often'
- MF Global 'Board And Senior Management Were Highly Sophisticated'
- BofA, Credit Suisse, Jefferies, MF Global, RBS, UBS
- Changes To UBS Board Of Directors
- Barclays, Bank Of Nova Scotia, Blackstone, Deutsche, Evercore, JPMorgan, MF Global, UniCredit
- M&A & Capital Markets Snapshot
- Financial Services Authority Asks For £78m More In Funding
- CEO Admits That Firm Broke Bonus Promise
- Deutsche Bank 2011 Compensation Details Now Out
- SEC Charges Former Credit Suisse Investment Bankers
- Letter From Mark Zuckerberg In Facebook IPO Filing
Features
- And The Best Place To Work In The Global Financial Markets 2011 Is...
- The Top 100 Financial Markets Firms 2011
- Recruitment Firms We Like
- Execuzen - Best Search Firm 2011
- Eximius Group - The Best Contingency Recruitment Firm 2011
- Hays Financial Markets - Best Temp / Interim Recruitment Firm 2011
- Holmes Search - The Best Compliance Recruitment Firm 2011
- Huxley Associates - Best HR Recruitment Firm 2011
- Selby Jennings - The Best Front Office Recruitment Firm 2011
- Selby Jennings - The Best IT Recruitment Firm 2011
- Selby Jennings - The Best Risk Management Recruitment Firm 2011
- Tay Associates - Best Secretarial / PA Recruitment Firm 2011
