Law360, New York (August 25, 2015, 3:08 PM EDT) -- A New York federal judge refused Monday to reconsider her decision letting Allied Irish Banks PLC take Citibank NA to trial for allegedly helping an AIB unit employee hide rogue forex trading that lost $691 million, finding Citibank’s attempt to pin the scheme on AIB was fairly rejected.U.S. District Judge Deborah A. Batts said Citibank did not give a good reason to revisit her June 30 order, which nixed some claims but allowed AIB to proceed with others, including fraud claims over Citibank’s alleged misrepresentation of sham transactions. The suit stems from John Rusnak’s alleged scheme to disguise losses, totaling... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
US District Judge Deborah A Batts has refused to reconsider her June 30th decision allowing Allied Irish Banks (AIB) to take Citibank to court for allegedly helping an AIB employee to hide rogue forex trading that lost $691m. The judge has already dismissed some of the claims made against Citibank, but the remainder of the claims will now go ahead.