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American Eagle sues Citigroup

February 07, 2009|Times Wire Reports

A Citigroup Inc. unit induced American Eagle Outfitters Inc. to purchase $258 million in auction rate securities while knowing the market for such securities was collapsing, the retail clothing chain alleged in a lawsuit.

Citigroup Global Markets Inc. misrepresented the securities as safe instruments with superior liquidity, Pittsburgh-based American Eagle claimed in a complaint filed in federal court in Pittsburgh.

Citigroup didn't immediately comment.

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