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 Tuesday 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.