Citigroup has won $25m in damages in a lawsuit against Tomar Associates LLC, a firm founded by two former Goldman Sachs partners; the bank accused Tomar of breaching its contracts by not paying the amount of collateral it owed, following a huge loss betting the wrong way on the Swiss franc. The case is one of several that have been brought recently to try and force banks into settling claims for losses caused by their own bad decisions.
Citigroup has won $25m in damages in a lawsuit against Tomar Associates LLC, a firm founded by two former Goldman Sachs partners; the bank accused Tomar of breaching its contracts by not paying the amount of collateral it owed, following a huge loss betting the wrong way on the Swiss franc. Citigroup and Tormar have until 23rd December to reach an agreement on how the damages should be awarded.