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Citigroup and Banamex Sued in New York for Withholding Funds from Widow and Face Possible Liability of $6 Billion

Citigroup and Banamex Sued in New York for Withholding Funds from Widow and Face Possible Liability of $6 Billion
Velma Anne Ruth, M.Ed. - Tue Oct 14, 2014 @ 11:37PM
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CITIGROUP AND BANAMEX SUED IN NEW YORK FOR WITHHOLDING FUNDS FROM WIDOW AND FACE POSSIBLE LIABILITY OF $6 BILLION

WASHINGTON, DC (October 14, 2014) —The Law Office of Bart S. Fisher announced today that its client, the Estate of Hans Jorg Schneider Sauter, has filed a complaint in the U.S. District Court for the Southern District of New York against Citigroup, Banamex USA, Grupo Financiero Banamex, and Banamex, alleging fraudulent conversion of the funds of the Sauter Estate, a pattern of activity that violates the Racketeer Influenced and Corrupt Organizations (“RICO”) Act, and violations of New York state law. The Estate of Hans Jorg Schneider Sauter v. Citigroup et al. (S.D.N.Y.), Case No. 14 CV 5812 (filed August 27, 2014). Banamex is a wholly-owned subsidiary of Citigroup.

“The possible liability in this case exceeds $6 billon,” said Bart S. Fisher, Counsel for the Sauter Estate.

Litigation involving the claims of the Sauter Estate is also taking place in Mexico. The Jalisco Court in Guadalajara, Mexico, has issued 13 orders against Banamex from March 4, 2013, to April 7, 2014, requiring Banamex to transfer funds owed to the Sauter Estate and provide information about other bank accounts belonging to Sauter’s Estate. “Banamex—with its parent Citigroup’s knowledge—refuses to release the funds that are owed to the Sauter Estate,” Fisher said.

Mr. Sauter, a successful financial advisor, died in 2008. Despite several investigations confirming the legitimacy of the funds in the bank, Banamex and Citigroup have continued to deny María Eugenia Ruiz Arriaga, Mr. Sauter’s widow and sole heir, access to the funds.

Contact for further information:
Velma Anne Ruth
Independent Review, Inc.
Telephone: 617-935-2892
e-mail: velmaanne@registeredindie.com

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