Citigroup has won $25m in damages in a lawsuit against Tormar Associates LLC, a firm founded by two former Goldman Sachs partners; the bank accused Tormar 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 Tomar have until 23rd December to reach an agreement on how the damages should be awarded.
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.