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string(50) "Solow lawsuit over Citigroup disclosures dismissed"
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<p><a href=\"http://ad.doubleclick.net/jump/uk.reuters/bizfinance/deals/article;type=ArticleSponsor;sz=1x1;articleID=UKL1E8GIJ7M20120518;taga=aaaaaaaaa;ord=2896?\" ><img src=\"http://ad.doubleclick.net/ad/uk.reuters/bizfinance/deals/article;type=ArticleSponsor;sz=1x1;articleID=UKL1E8GIJ7M20120518;taga=aaaaaaaaa;ord=2896?\" width=\"1\" height=\"1\" border=\"0\" alt=\"\" /></a></p>
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<p><span class=\"timestamp\">Sat May 19, 2012 12:03am BST</span></p>
</div>
<p><span class=\"focusParagraph\">* Investor said Citigroup hid risk during 2008 financial crisis</span></p>
<span id=\"midArticle_0\"></span>
<p>* Judge: Lack of confidence caused liquidity problems for bank</p>
<span id=\"midArticle_1\"></span>
<p>By Jonathan Stempel</p>
<span id=\"midArticle_2\"></span>
<p>May 18 (Reuters) - Citigroup Inc and its Chief Executive Vikram Pandit on Friday won a dismissal of New York real estate developer Sheldon Solow\'s lawsuit accusing them of securities fraud for hiding the bank\'s risks during the 2008 financial crisis.</p>
<span id=\"midArticle_3\"></span>
<p>U.S. District Judge Robert Sweet in Manhattan said Solow failed to show that the defendants had materially misled him about Citigroup\'s liquidity and capitalization, or that his stock losses were caused when the bank\'s risks were realized.</p>
<span id=\"midArticle_4\"></span>
<p>Sweet had in November dismissed an earlier version of Solow\'s complaint, but gave the plaintiff a chance to replead. Friday\'s dismissal is \"with prejudice\", meaning that Solow cannot bring the case again.</p>
<span id=\"midArticle_5\"></span>
<p>Ira Lee Sorkin, a partner at Lowenstein Sandler representing Solow, did not immediately respond to a request for comment, including over whether his client plans an appeal. Citigroup did not immediately respond to a similar request.</p>
<span id=\"midArticle_6\"></span>
<p>The lawsuit is separate from nationwide litigation by Citigroup stock and bond investors over the bank\'s disclosures about its exposure to toxic mortgage debt. That litigation is overseen by Sweet\'s colleague, U.S. District Judge Sidney Stein.</p>
<span id=\"midArticle_7\"></span>
<p>Solow claimed the New York-based bank was responsible for his losing 87 percent of a $510,000 investment in 40,000 Citigroup shares that he bought in September and November 2008. He sold the shares in March 2009.</p>
<span id=\"midArticle_8\"></span>
<p>The developer contended that Citigroup overstated its financial health in late 2008 and early 2009, even trying to buy parts of Wachovia Corp before that struggling lender agreed to a takeover by Wells Fargo & Co.</p>
<span id=\"midArticle_9\"></span>
<p>He also said Citigroup even touted its strong capital levels and liquidity while quietly scrambling to obtain a federal bailout that included $20 billion of new capital.</p>
<span id=\"midArticle_10\"></span>
<p>Sweet, however, said Solow failed to link Citigroup\'s alleged concealments to the decline in its stock price, which fell briefly below $1.</p>
<span id=\"midArticle_11\"></span>
<p>\"Citigroup\'s liquidity crisis can be attributed to a lack of confidence in the firm rather than the materialization of a risk defendants concealed,\" he wrote.</p>
<span id=\"midArticle_12\"></span>
<p>The case is Solow v. Citigroup Inc et al, U.S. District Court, Southern District of New York, No. 10-02927. (Reporting By Jonathan Stempel in New York; editing by Carol Bishopric)</p>
<span id=\"midArticle_13\"></span>
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<p><span class=\"timestamp\">Sat May 19, 2012 12:03am BST</span></p>
</div>
<p><span class=\"focusParagraph\">* Investor said Citigroup hid risk during 2008 financial crisis</span></p>
<span id=\"midArticle_0\"></span>
<p>* Judge: Lack of confidence caused liquidity problems for bank</p>
<span id=\"midArticle_1\"></span>
<p>By Jonathan Stempel</p>
<span id=\"midArticle_2\"></span>
<p>May 18 (Reuters) - Citigroup Inc and its Chief Executive Vikram Pandit on Friday won a dismissal of New York real estate developer Sheldon Solow\'s lawsuit accusing them of securities fraud for hiding the bank\'s risks during the 2008 financial crisis.</p>
<span id=\"midArticle_3\"></span>
<p>U.S. District Judge Robert Sweet in Manhattan said Solow failed to show that the defendants had materially misled him about Citigroup\'s liquidity and capitalization, or that his stock losses were caused when the bank\'s risks were realized.</p>
<span id=\"midArticle_4\"></span>
<p>Sweet had in November dismissed an earlier version of Solow\'s complaint, but gave the plaintiff a chance to replead. Friday\'s dismissal is \"with prejudice\", meaning that Solow cannot bring the case again.</p>
<span id=\"midArticle_5\"></span>
<p>Ira Lee Sorkin, a partner at Lowenstein Sandler representing Solow, did not immediately respond to a request for comment, including over whether his client plans an appeal. Citigroup did not immediately respond to a similar request.</p>
<span id=\"midArticle_6\"></span>
<p>The lawsuit is separate from nationwide litigation by Citigroup stock and bond investors over the bank\'s disclosures about its exposure to toxic mortgage debt. That litigation is overseen by Sweet\'s colleague, U.S. District Judge Sidney Stein.</p>
<span id=\"midArticle_7\"></span>
<p>Solow claimed the New York-based bank was responsible for his losing 87 percent of a $510,000 investment in 40,000 Citigroup shares that he bought in September and November 2008. He sold the shares in March 2009.</p>
<span id=\"midArticle_8\"></span>
<p>The developer contended that Citigroup overstated its financial health in late 2008 and early 2009, even trying to buy parts of Wachovia Corp before that struggling lender agreed to a takeover by Wells Fargo & Co.</p>
<span id=\"midArticle_9\"></span>
<p>He also said Citigroup even touted its strong capital levels and liquidity while quietly scrambling to obtain a federal bailout that included $20 billion of new capital.</p>
<span id=\"midArticle_10\"></span>
<p>Sweet, however, said Solow failed to link Citigroup\'s alleged concealments to the decline in its stock price, which fell briefly below $1.</p>
<span id=\"midArticle_11\"></span>
<p>\"Citigroup\'s liquidity crisis can be attributed to a lack of confidence in the firm rather than the materialization of a risk defendants concealed,\" he wrote.</p>
<span id=\"midArticle_12\"></span>
<p>The case is Solow v. Citigroup Inc et al, U.S. District Court, Southern District of New York, No. 10-02927. (Reporting By Jonathan Stempel in New York; editing by Carol Bishopric)</p>
<span id=\"midArticle_13\"></span>
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<p><span class="timestamp">Sat May 19, 2012 12:03am BST</span></p>
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<p><span class="focusParagraph">* Investor said Citigroup hid risk during 2008 financial crisis</span></p>
<span id="midArticle_0"></span>
<p>* Judge: Lack of confidence caused liquidity problems for bank</p>
<span id="midArticle_1"></span>
<p>By Jonathan Stempel</p>
<span id="midArticle_2"></span>
<p>May 18 (Reuters) - Citigroup Inc and its Chief Executive Vikram Pandit on Friday won a dismissal of New York real estate developer Sheldon Solow's lawsuit accusing them of securities fraud for hiding the bank's risks during the 2008 financial crisis.</p>
<span id="midArticle_3"></span>
<p>U.S. District Judge Robert Sweet in Manhattan said Solow failed to show that the defendants had materially misled him about Citigroup's liquidity and capitalization, or that his stock losses were caused when the bank's risks were realized.</p>
<span id="midArticle_4"></span>
<p>Sweet had in November dismissed an earlier version of Solow's complaint, but gave the plaintiff a chance to replead. Friday's dismissal is "with prejudice", meaning that Solow cannot bring the case again.</p>
<span id="midArticle_5"></span>
<p>Ira Lee Sorkin, a partner at Lowenstein Sandler representing Solow, did not immediately respond to a request for comment, including over whether his client plans an appeal. Citigroup did not immediately respond to a similar request.</p>
<span id="midArticle_6"></span>
<p>The lawsuit is separate from nationwide litigation by Citigroup stock and bond investors over the bank's disclosures about its exposure to toxic mortgage debt. That litigation is overseen by Sweet's colleague, U.S. District Judge Sidney Stein.</p>
<span id="midArticle_7"></span>
<p>Solow claimed the New York-based bank was responsible for his losing 87 percent of a $510,000 investment in 40,000 Citigroup shares that he bought in September and November 2008. He sold the shares in March 2009.</p>
<span id="midArticle_8"></span>
<p>The developer contended that Citigroup overstated its financial health in late 2008 and early 2009, even trying to buy parts of Wachovia Corp before that struggling lender agreed to a takeover by Wells Fargo & Co.</p>
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<p>He also said Citigroup even touted its strong capital levels and liquidity while quietly scrambling to obtain a federal bailout that included $20 billion of new capital.</p>
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<p>Sweet, however, said Solow failed to link Citigroup's alleged concealments to the decline in its stock price, which fell briefly below $1.</p>
<span id="midArticle_11"></span>
<p>"Citigroup's liquidity crisis can be attributed to a lack of confidence in the firm rather than the materialization of a risk defendants concealed," he wrote.</p>
<span id="midArticle_12"></span>
<p>The case is Solow v. Citigroup Inc et al, U.S. District Court, Southern District of New York, No. 10-02927. (Reporting By Jonathan Stempel in New York; editing by Carol Bishopric)</p>
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<p><span class="timestamp">Sat May 19, 2012 12:03am BST</span></p>
</div>
<p><span class="focusParagraph">* Investor said Citigroup hid risk during 2008 financial crisis</span></p>
<span id="midArticle_0"></span>
<p>* Judge: Lack of confidence caused liquidity problems for bank</p>
<span id="midArticle_1"></span>
<p>By Jonathan Stempel</p>
<span id="midArticle_2"></span>
<p>May 18 (Reuters) - Citigroup Inc and its Chief Executive Vikram Pandit on Friday won a dismissal of New York real estate developer Sheldon Solow's lawsuit accusing them of securities fraud for hiding the bank's risks during the 2008 financial crisis.</p>
<span id="midArticle_3"></span>
<p>U.S. District Judge Robert Sweet in Manhattan said Solow failed to show that the defendants had materially misled him about Citigroup's liquidity and capitalization, or that his stock losses were caused when the bank's risks were realized.</p>
<span id="midArticle_4"></span>
<p>Sweet had in November dismissed an earlier version of Solow's complaint, but gave the plaintiff a chance to replead. Friday's dismissal is "with prejudice", meaning that Solow cannot bring the case again.</p>
<span id="midArticle_5"></span>
<p>Ira Lee Sorkin, a partner at Lowenstein Sandler representing Solow, did not immediately respond to a request for comment, including over whether his client plans an appeal. Citigroup did not immediately respond to a similar request.</p>
<span id="midArticle_6"></span>
<p>The lawsuit is separate from nationwide litigation by Citigroup stock and bond investors over the bank's disclosures about its exposure to toxic mortgage debt. That litigation is overseen by Sweet's colleague, U.S. District Judge Sidney Stein.</p>
<span id="midArticle_7"></span>
<p>Solow claimed the New York-based bank was responsible for his losing 87 percent of a $510,000 investment in 40,000 Citigroup shares that he bought in September and November 2008. He sold the shares in March 2009.</p>
<span id="midArticle_8"></span>
<p>The developer contended that Citigroup overstated its financial health in late 2008 and early 2009, even trying to buy parts of Wachovia Corp before that struggling lender agreed to a takeover by Wells Fargo & Co.</p>
<span id="midArticle_9"></span>
<p>He also said Citigroup even touted its strong capital levels and liquidity while quietly scrambling to obtain a federal bailout that included $20 billion of new capital.</p>
<span id="midArticle_10"></span>
<p>Sweet, however, said Solow failed to link Citigroup's alleged concealments to the decline in its stock price, which fell briefly below $1.</p>
<span id="midArticle_11"></span>
<p>"Citigroup's liquidity crisis can be attributed to a lack of confidence in the firm rather than the materialization of a risk defendants concealed," he wrote.</p>
<span id="midArticle_12"></span>
<p>The case is Solow v. Citigroup Inc et al, U.S. District Court, Southern District of New York, No. 10-02927. (Reporting By Jonathan Stempel in New York; editing by Carol Bishopric)</p>
<span id="midArticle_13"></span>
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<p><span class="timestamp">Sat May 19, 2012 12:03am BST</span></p>
</div>
<p><span class="focusParagraph">* Investor said Citigroup hid risk during 2008 financial crisis</span></p>
<span id="midArticle_0"></span>
<p>* Judge: Lack of confidence caused liquidity problems for bank</p>
<span id="midArticle_1"></span>
<p>By Jonathan Stempel</p>
<span id="midArticle_2"></span>
<p>May 18 (Reuters) - Citigroup Inc and its Chief Executive Vikram Pandit on Friday won a dismissal of New York real estate developer Sheldon Solow's lawsuit accusing them of securities fraud for hiding the bank's risks during the 2008 financial crisis.</p>
<span id="midArticle_3"></span>
<p>U.S. District Judge Robert Sweet in Manhattan said Solow failed to show that the defendants had materially misled him about Citigroup's liquidity and capitalization, or that his stock losses were caused when the bank's risks were realized.</p>
<span id="midArticle_4"></span>
<p>Sweet had in November dismissed an earlier version of Solow's complaint, but gave the plaintiff a chance to replead. Friday's dismissal is "with prejudice", meaning that Solow cannot bring the case again.</p>
<span id="midArticle_5"></span>
<p>Ira Lee Sorkin, a partner at Lowenstein Sandler representing Solow, did not immediately respond to a request for comment, including over whether his client plans an appeal. Citigroup did not immediately respond to a similar request.</p>
<span id="midArticle_6"></span>
<p>The lawsuit is separate from nationwide litigation by Citigroup stock and bond investors over the bank's disclosures about its exposure to toxic mortgage debt. That litigation is overseen by Sweet's colleague, U.S. District Judge Sidney Stein.</p>
<span id="midArticle_7"></span>
<p>Solow claimed the New York-based bank was responsible for his losing 87 percent of a $510,000 investment in 40,000 Citigroup shares that he bought in September and November 2008. He sold the shares in March 2009.</p>
<span id="midArticle_8"></span>
<p>The developer contended that Citigroup overstated its financial health in late 2008 and early 2009, even trying to buy parts of Wachovia Corp before that struggling lender agreed to a takeover by Wells Fargo & Co.</p>
<span id="midArticle_9"></span>
<p>He also said Citigroup even touted its strong capital levels and liquidity while quietly scrambling to obtain a federal bailout that included $20 billion of new capital.</p>
<span id="midArticle_10"></span>
<p>Sweet, however, said Solow failed to link Citigroup's alleged concealments to the decline in its stock price, which fell briefly below $1.</p>
<span id="midArticle_11"></span>
<p>"Citigroup's liquidity crisis can be attributed to a lack of confidence in the firm rather than the materialization of a risk defendants concealed," he wrote.</p>
<span id="midArticle_12"></span>
<p>The case is Solow v. Citigroup Inc et al, U.S. District Court, Southern District of New York, No. 10-02927. (Reporting By Jonathan Stempel in New York; editing by Carol Bishopric)</p>
<span id="midArticle_13"></span>
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<p><span class="timestamp">Sat May 19, 2012 12:03am BST</span></p>
</div>
<p><span class="focusParagraph">* Investor said Citigroup hid risk during 2008 financial crisis</span></p>
<span id="midArticle_0"></span>
<p>* Judge: Lack of confidence caused liquidity problems for bank</p>
<span id="midArticle_1"></span>
<p>By Jonathan Stempel</p>
<span id="midArticle_2"></span>
<p>May 18 (Reuters) - Citigroup Inc and its Chief Executive Vikram Pandit on Friday won a dismissal of New York real estate developer Sheldon Solow's lawsuit accusing them of securities fraud for hiding the bank's risks during the 2008 financial crisis.</p>
<span id="midArticle_3"></span>
<p>U.S. District Judge Robert Sweet in Manhattan said Solow failed to show that the defendants had materially misled him about Citigroup's liquidity and capitalization, or that his stock losses were caused when the bank's risks were realized.</p>
<span id="midArticle_4"></span>
<p>Sweet had in November dismissed an earlier version of Solow's complaint, but gave the plaintiff a chance to replead. Friday's dismissal is "with prejudice", meaning that Solow cannot bring the case again.</p>
<span id="midArticle_5"></span>
<p>Ira Lee Sorkin, a partner at Lowenstein Sandler representing Solow, did not immediately respond to a request for comment, including over whether his client plans an appeal. Citigroup did not immediately respond to a similar request.</p>
<span id="midArticle_6"></span>
<p>The lawsuit is separate from nationwide litigation by Citigroup stock and bond investors over the bank's disclosures about its exposure to toxic mortgage debt. That litigation is overseen by Sweet's colleague, U.S. District Judge Sidney Stein.</p>
<span id="midArticle_7"></span>
<p>Solow claimed the New York-based bank was responsible for his losing 87 percent of a $510,000 investment in 40,000 Citigroup shares that he bought in September and November 2008. He sold the shares in March 2009.</p>
<span id="midArticle_8"></span>
<p>The developer contended that Citigroup overstated its financial health in late 2008 and early 2009, even trying to buy parts of Wachovia Corp before that struggling lender agreed to a takeover by Wells Fargo & Co.</p>
<span id="midArticle_9"></span>
<p>He also said Citigroup even touted its strong capital levels and liquidity while quietly scrambling to obtain a federal bailout that included $20 billion of new capital.</p>
<span id="midArticle_10"></span>
<p>Sweet, however, said Solow failed to link Citigroup's alleged concealments to the decline in its stock price, which fell briefly below $1.</p>
<span id="midArticle_11"></span>
<p>"Citigroup's liquidity crisis can be attributed to a lack of confidence in the firm rather than the materialization of a risk defendants concealed," he wrote.</p>
<span id="midArticle_12"></span>
<p>The case is Solow v. Citigroup Inc et al, U.S. District Court, Southern District of New York, No. 10-02927. (Reporting By Jonathan Stempel in New York; editing by Carol Bishopric)</p>
<span id="midArticle_13"></span>
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<p class="byline">By <a href="http://blogs.reuters.com/search/journalist.php?edition=uk&n=adrian.croft&">Adrian Croft</a></p>
<p><span class="location">WASHINGTON</span> | <span class="timestamp">Fri May 18, 2012 11:56pm BST</span></p>
</div>
<span id="midArticle_0"></span>
<p><span class="focusParagraph"><span class="articleLocation">WASHINGTON</span> May 18 (Reuters) - British Prime Minister David Cameron and new French President Francois Hollande clashed on Friday over the need for a financial transactions tax to fund growth but played down other differences over how to respond to the euro zone debt crisis.</span></p>
<span id="midArticle_1"></span>
<p>Both leaders said after a first 35-minute meeting at the British ambassador's residence in Washington that they backed measures to cut deficits and spur growth in Europe, glossing over differences between Hollande's pro-growth stance and Cameron's emphasis on reducing debt.</p>
<span id="midArticle_2"></span>
<p>But Cameron said he would maintain his staunch opposition to a tax on financial transactions that Hollande backs as a way to raise revenue to boost growth.</p>
<span id="midArticle_3"></span>
<p>"On the financial transactions tax, I'm very clear, we are not going to get growth in Europe or Britain by introducing a new tax that would actually hit people as well as financial institutions," Cameron told reporters before his meeting at the elegant ambassador's residence, designed by famous British architect Edwin Lutyens in the 1920s.</p>
<span id="midArticle_4"></span>
<p>"I don't think it is a sensible measure. I will not support it," he said.</p>
<span id="midArticle_5"></span>
<p>Cameron, keen to prevent damage to Europe's leading financial centre in the City of London, has previously threatened to veto a European-wide financial transaction tax unless it was adopted globally, setting him on a collision course with France and Germany which back the idea.</p>
<span id="midArticle_6"></span>
<p>A British government source said Hollande and Cameron agreed they had "different positions" on the financial transaction tax, also known as the Tobin tax.</p>
<span id="midArticle_7"></span>
<p>Hollande also repeated to Cameron that he intended to pull France's combat troops out of Afghanistan this year, two years earlier than a NATO timetable for ending combat operations.</p>
<span id="midArticle_8"></span>
<p>Cameron understood this was an election promise Hollande had made, the British source said.</p>
<span id="midArticle_9"></span>
<p>On the euro zone economic crisis, Cameron said Hollande and he both wanted to see "stability in international markets."</p>
<span id="midArticle_10"></span>
<p>"We both want to see countries deal with their deficits and we both want to see economic growth," Cameron said.</p>
<span id="midArticle_11"></span>
<p>Hollande said the two leaders were "convinced we need to continue improving our public accounts while restoring growth."</p>
<span id="midArticle_12"></span>
<p>On Greece, Hollande said he would like Greece to remain in the euro zone but it would be for the Greek people to "answer the question."</p>
<span id="midArticle_13"></span>
<p>"My position is we should do everything possible so that they say yes to that," he said.</p>
<span id="midArticle_14"></span>
<p>Cameron earlier called for "decisive action" to tackle the euro zone crisis.</p>
<span id="midArticle_15"></span>
<p>"Britain wants to have a successful euro zone, that is where 40 percent of our trade goes. We need decisive action from euro zone countries in terms of strengthening euro zone banks, in terms of a strong euro zone firewall and decisive action over Greece. That has to be done," Cameron told reporters.</p>
<span id="midArticle_0"></span>
<p>"Clearly the Greeks have to make their minds up, they have to make their decision. Decisive action needs to be taken. That's absolutely vital that it is because that will affect the stability not only of the euro zone economies. It affects our economy and it affects the world economy too," Cameron said.</p>
<span id="midArticle_1"></span>
<p>The EU trade commissioner said earlier on Friday that European officials are working on contingency plans in case Greece bombs out of the euro zone</p>
<span id="midArticle_2"></span>
<p>Cameron, a centre-right Conservative who built a close relationship with Hollande's predecessor Nicolas Sarkozy, snubbed Hollande when the Socialist leader visited London during his election campaign, but at Friday's meeting he invited Hollande to visit London soon.</p>
<span id="midArticle_3"></span>
<p>Hollande made ironic reference to the snub, saying that since he had not been able to visit London before the election he would be "all the happier" to meet Cameron afterwards. (Additional reporting by <a href="http://blogs.reuters.com/search/journalist.php?edition=uk&n=elizabethpineau&">Elizabeth Pineau</a>; Editing by Diane Craft)</p>
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<p class="byline">By <a href="http://blogs.reuters.com/search/journalist.php?edition=uk&n=adrian.croft&">Adrian Croft</a></p>
<p><span class="location">WASHINGTON</span> | <span class="timestamp">Fri May 18, 2012 11:56pm BST</span></p>
</div>
<span id="midArticle_0"></span>
<p><span class="focusParagraph"><span class="articleLocation">WASHINGTON</span> May 18 (Reuters) - British Prime Minister David Cameron and new French President Francois Hollande clashed on Friday over the need for a financial transactions tax to fund growth but played down other differences over how to respond to the euro zone debt crisis.</span></p>
<span id="midArticle_1"></span>
<p>Both leaders said after a first 35-minute meeting at the British ambassador's residence in Washington that they backed measures to cut deficits and spur growth in Europe, glossing over differences between Hollande's pro-growth stance and Cameron's emphasis on reducing debt.</p>
<span id="midArticle_2"></span>
<p>But Cameron said he would maintain his staunch opposition to a tax on financial transactions that Hollande backs as a way to raise revenue to boost growth.</p>
<span id="midArticle_3"></span>
<p>"On the financial transactions tax, I'm very clear, we are not going to get growth in Europe or Britain by introducing a new tax that would actually hit people as well as financial institutions," Cameron told reporters before his meeting at the elegant ambassador's residence, designed by famous British architect Edwin Lutyens in the 1920s.</p>
<span id="midArticle_4"></span>
<p>"I don't think it is a sensible measure. I will not support it," he said.</p>
<span id="midArticle_5"></span>
<p>Cameron, keen to prevent damage to Europe's leading financial centre in the City of London, has previously threatened to veto a European-wide financial transaction tax unless it was adopted globally, setting him on a collision course with France and Germany which back the idea.</p>
<span id="midArticle_6"></span>
<p>A British government source said Hollande and Cameron agreed they had "different positions" on the financial transaction tax, also known as the Tobin tax.</p>
<span id="midArticle_7"></span>
<p>Hollande also repeated to Cameron that he intended to pull France's combat troops out of Afghanistan this year, two years earlier than a NATO timetable for ending combat operations.</p>
<span id="midArticle_8"></span>
<p>Cameron understood this was an election promise Hollande had made, the British source said.</p>
<span id="midArticle_9"></span>
<p>On the euro zone economic crisis, Cameron said Hollande and he both wanted to see "stability in international markets."</p>
<span id="midArticle_10"></span>
<p>"We both want to see countries deal with their deficits and we both want to see economic growth," Cameron said.</p>
<span id="midArticle_11"></span>
<p>Hollande said the two leaders were "convinced we need to continue improving our public accounts while restoring growth."</p>
<span id="midArticle_12"></span>
<p>On Greece, Hollande said he would like Greece to remain in the euro zone but it would be for the Greek people to "answer the question."</p>
<span id="midArticle_13"></span>
<p>"My position is we should do everything possible so that they say yes to that," he said.</p>
<span id="midArticle_14"></span>
<p>Cameron earlier called for "decisive action" to tackle the euro zone crisis.</p>
<span id="midArticle_15"></span>
<p>"Britain wants to have a successful euro zone, that is where 40 percent of our trade goes. We need decisive action from euro zone countries in terms of strengthening euro zone banks, in terms of a strong euro zone firewall and decisive action over Greece. That has to be done," Cameron told reporters.</p>
<span id="midArticle_0"></span>
<p>"Clearly the Greeks have to make their minds up, they have to make their decision. Decisive action needs to be taken. That's absolutely vital that it is because that will affect the stability not only of the euro zone economies. It affects our economy and it affects the world economy too," Cameron said.</p>
<span id="midArticle_1"></span>
<p>The EU trade commissioner said earlier on Friday that European officials are working on contingency plans in case Greece bombs out of the euro zone</p>
<span id="midArticle_2"></span>
<p>Cameron, a centre-right Conservative who built a close relationship with Hollande's predecessor Nicolas Sarkozy, snubbed Hollande when the Socialist leader visited London during his election campaign, but at Friday's meeting he invited Hollande to visit London soon.</p>
<span id="midArticle_3"></span>
<p>Hollande made ironic reference to the snub, saying that since he had not been able to visit London before the election he would be "all the happier" to meet Cameron afterwards. (Additional reporting by <a href="http://blogs.reuters.com/search/journalist.php?edition=uk&n=elizabethpineau&">Elizabeth Pineau</a>; Editing by Diane Craft)</p>
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<p><span class="timestamp">Fri May 18, 2012 11:48pm BST</span></p>
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<p><span class="focusParagraph">(Adds context, quote from S&P text)</span></p>
<span id="midArticle_0"></span>
<p><span class="articleLocation">NEW YORK</span> May 18 (Reuters) - Standard & Poor's upgraded Bolivia's long-term sovereign credit rating on Friday to BB-minus from B-plus, citing improved government finances and stronger external indicators.</p>
<span id="midArticle_1"></span>
<p>The country has a stable outlook, S&P said in a statement.</p>
<span id="midArticle_2"></span>
<p>"Years of current account surpluses have led to a sharp buildup in Bolivia's international reserves," the ratings agency's statement noted. "This provides the country with an important buffer against potential external economic shocks, especially given its high dependence on natural gas and mining exports."</p>
<span id="midArticle_3"></span>
<p>"A fragmented political landscape, due to strong divisions among regional, social and ethnic lines, continues to constrain the sovereign ratings," S&P added.</p>
<span id="midArticle_4"></span>
<p>Bolivia has a B1 rating from Moody's Investors Service with a positive outlook and a B-plus from Fitch Ratings with a stable outlook.</p>
<span id="midArticle_5"></span>
<p>President Evo Morales has steadily tightened state control over the economy. Early this month he ordered the army to take over the Cochabamba headquarters of power transmission company Empresa Transportadora de Electricidad (TDE).</p>
<span id="midArticle_6"></span>
<p>The government says it will work with Red Electrica Espanola to decide how much the Spanish power company should get in compensation for the nationalization of its local unit.</p>
<span id="midArticle_7"></span>
<p>"Foreign direct investment remains relatively low," S&P said. "This remains a key structural weakness that constant revisions to the country's investment policies and nationalization of so-called strategic sectors of the economy exacerbate." (Reporting by Luciana Lopez, Editing by Gary Crosse and Andrew Hay)</p>
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<p><span class="timestamp">Fri May 18, 2012 11:48pm BST</span></p>
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<p><span class="focusParagraph">(Adds context, quote from S&P text)</span></p>
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<p><span class="articleLocation">NEW YORK</span> May 18 (Reuters) - Standard & Poor's upgraded Bolivia's long-term sovereign credit rating on Friday to BB-minus from B-plus, citing improved government finances and stronger external indicators.</p>
<span id="midArticle_1"></span>
<p>The country has a stable outlook, S&P said in a statement.</p>
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<p>"Years of current account surpluses have led to a sharp buildup in Bolivia's international reserves," the ratings agency's statement noted. "This provides the country with an important buffer against potential external economic shocks, especially given its high dependence on natural gas and mining exports."</p>
<span id="midArticle_3"></span>
<p>"A fragmented political landscape, due to strong divisions among regional, social and ethnic lines, continues to constrain the sovereign ratings," S&P added.</p>
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<p>Bolivia has a B1 rating from Moody's Investors Service with a positive outlook and a B-plus from Fitch Ratings with a stable outlook.</p>
<span id="midArticle_5"></span>
<p>President Evo Morales has steadily tightened state control over the economy. Early this month he ordered the army to take over the Cochabamba headquarters of power transmission company Empresa Transportadora de Electricidad (TDE).</p>
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<p>The government says it will work with Red Electrica Espanola to decide how much the Spanish power company should get in compensation for the nationalization of its local unit.</p>
<span id="midArticle_7"></span>
<p>"Foreign direct investment remains relatively low," S&P said. "This remains a key structural weakness that constant revisions to the country's investment policies and nationalization of so-called strategic sectors of the economy exacerbate." (Reporting by Luciana Lopez, Editing by Gary Crosse and Andrew Hay)</p>
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<p><span class="timestamp">Sat May 19, 2012 12:03am BST</span></p>
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<p><span class="focusParagraph">* Investor said Citigroup hid risk during 2008 financial crisis</span></p>
<span id="midArticle_0"></span>
<p>* Judge: Lack of confidence caused liquidity problems for bank</p>
<span id="midArticle_1"></span>
<p>By Jonathan Stempel</p>
<span id="midArticle_2"></span>
<p>May 18 (Reuters) - Citigroup Inc and its Chief Executive Vikram Pandit on Friday won a dismissal of New York real estate developer Sheldon Solow's lawsuit accusing them of securities fraud for hiding the bank's risks during the 2008 financial crisis.</p>
<span id="midArticle_3"></span>
<p>U.S. District Judge Robert Sweet in Manhattan said Solow failed to show that the defendants had materially misled him about Citigroup's liquidity and capitalization, or that his stock losses were caused when the bank's risks were realized.</p>
<span id="midArticle_4"></span>
<p>Sweet had in November dismissed an earlier version of Solow's complaint, but gave the plaintiff a chance to replead. Friday's dismissal is "with prejudice", meaning that Solow cannot bring the case again.</p>
<span id="midArticle_5"></span>
<p>Ira Lee Sorkin, a partner at Lowenstein Sandler representing Solow, did not immediately respond to a request for comment, including over whether his client plans an appeal. Citigroup did not immediately respond to a similar request.</p>
<span id="midArticle_6"></span>
<p>The lawsuit is separate from nationwide litigation by Citigroup stock and bond investors over the bank's disclosures about its exposure to toxic mortgage debt. That litigation is overseen by Sweet's colleague, U.S. District Judge Sidney Stein.</p>
<span id="midArticle_7"></span>
<p>Solow claimed the New York-based bank was responsible for his losing 87 percent of a $510,000 investment in 40,000 Citigroup shares that he bought in September and November 2008. He sold the shares in March 2009.</p>
<span id="midArticle_8"></span>
<p>The developer contended that Citigroup overstated its financial health in late 2008 and early 2009, even trying to buy parts of Wachovia Corp before that struggling lender agreed to a takeover by Wells Fargo & Co.</p>
<span id="midArticle_9"></span>
<p>He also said Citigroup even touted its strong capital levels and liquidity while quietly scrambling to obtain a federal bailout that included $20 billion of new capital.</p>
<span id="midArticle_10"></span>
<p>Sweet, however, said Solow failed to link Citigroup's alleged concealments to the decline in its stock price, which fell briefly below $1.</p>
<span id="midArticle_11"></span>
<p>"Citigroup's liquidity crisis can be attributed to a lack of confidence in the firm rather than the materialization of a risk defendants concealed," he wrote.</p>
<span id="midArticle_12"></span>
<p>The case is Solow v. Citigroup Inc et al, U.S. District Court, Southern District of New York, No. 10-02927. (Reporting By Jonathan Stempel in New York; editing by Carol Bishopric)</p>
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<p><span class="timestamp">Sat May 19, 2012 12:03am BST</span></p>
</div>
<p><span class="focusParagraph">* Investor said Citigroup hid risk during 2008 financial crisis</span></p>
<span id="midArticle_0"></span>
<p>* Judge: Lack of confidence caused liquidity problems for bank</p>
<span id="midArticle_1"></span>
<p>By Jonathan Stempel</p>
<span id="midArticle_2"></span>
<p>May 18 (Reuters) - Citigroup Inc and its Chief Executive Vikram Pandit on Friday won a dismissal of New York real estate developer Sheldon Solow's lawsuit accusing them of securities fraud for hiding the bank's risks during the 2008 financial crisis.</p>
<span id="midArticle_3"></span>
<p>U.S. District Judge Robert Sweet in Manhattan said Solow failed to show that the defendants had materially misled him about Citigroup's liquidity and capitalization, or that his stock losses were caused when the bank's risks were realized.</p>
<span id="midArticle_4"></span>
<p>Sweet had in November dismissed an earlier version of Solow's complaint, but gave the plaintiff a chance to replead. Friday's dismissal is "with prejudice", meaning that Solow cannot bring the case again.</p>
<span id="midArticle_5"></span>
<p>Ira Lee Sorkin, a partner at Lowenstein Sandler representing Solow, did not immediately respond to a request for comment, including over whether his client plans an appeal. Citigroup did not immediately respond to a similar request.</p>
<span id="midArticle_6"></span>
<p>The lawsuit is separate from nationwide litigation by Citigroup stock and bond investors over the bank's disclosures about its exposure to toxic mortgage debt. That litigation is overseen by Sweet's colleague, U.S. District Judge Sidney Stein.</p>
<span id="midArticle_7"></span>
<p>Solow claimed the New York-based bank was responsible for his losing 87 percent of a $510,000 investment in 40,000 Citigroup shares that he bought in September and November 2008. He sold the shares in March 2009.</p>
<span id="midArticle_8"></span>
<p>The developer contended that Citigroup overstated its financial health in late 2008 and early 2009, even trying to buy parts of Wachovia Corp before that struggling lender agreed to a takeover by Wells Fargo & Co.</p>
<span id="midArticle_9"></span>
<p>He also said Citigroup even touted its strong capital levels and liquidity while quietly scrambling to obtain a federal bailout that included $20 billion of new capital.</p>
<span id="midArticle_10"></span>
<p>Sweet, however, said Solow failed to link Citigroup's alleged concealments to the decline in its stock price, which fell briefly below $1.</p>
<span id="midArticle_11"></span>
<p>"Citigroup's liquidity crisis can be attributed to a lack of confidence in the firm rather than the materialization of a risk defendants concealed," he wrote.</p>
<span id="midArticle_12"></span>
<p>The case is Solow v. Citigroup Inc et al, U.S. District Court, Southern District of New York, No. 10-02927. (Reporting By Jonathan Stempel in New York; editing by Carol Bishopric)</p>
<span id="midArticle_13"></span>
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<p class="byline">By <a href="http://blogs.reuters.com/search/journalist.php?edition=uk&n=adrian.croft&">Adrian Croft</a></p>
<p><span class="location">WASHINGTON</span> | <span class="timestamp">Fri May 18, 2012 11:56pm BST</span></p>
</div>
<span id="midArticle_0"></span>
<p><span class="focusParagraph"><span class="articleLocation">WASHINGTON</span> May 18 (Reuters) - British Prime Minister David Cameron and new French President Francois Hollande clashed on Friday over the need for a financial transactions tax to fund growth but played down other differences over how to respond to the euro zone debt crisis.</span></p>
<span id="midArticle_1"></span>
<p>Both leaders said after a first 35-minute meeting at the British ambassador's residence in Washington that they backed measures to cut deficits and spur growth in Europe, glossing over differences between Hollande's pro-growth stance and Cameron's emphasis on reducing debt.</p>
<span id="midArticle_2"></span>
<p>But Cameron said he would maintain his staunch opposition to a tax on financial transactions that Hollande backs as a way to raise revenue to boost growth.</p>
<span id="midArticle_3"></span>
<p>"On the financial transactions tax, I'm very clear, we are not going to get growth in Europe or Britain by introducing a new tax that would actually hit people as well as financial institutions," Cameron told reporters before his meeting at the elegant ambassador's residence, designed by famous British architect Edwin Lutyens in the 1920s.</p>
<span id="midArticle_4"></span>
<p>"I don't think it is a sensible measure. I will not support it," he said.</p>
<span id="midArticle_5"></span>
<p>Cameron, keen to prevent damage to Europe's leading financial centre in the City of London, has previously threatened to veto a European-wide financial transaction tax unless it was adopted globally, setting him on a collision course with France and Germany which back the idea.</p>
<span id="midArticle_6"></span>
<p>A British government source said Hollande and Cameron agreed they had "different positions" on the financial transaction tax, also known as the Tobin tax.</p>
<span id="midArticle_7"></span>
<p>Hollande also repeated to Cameron that he intended to pull France's combat troops out of Afghanistan this year, two years earlier than a NATO timetable for ending combat operations.</p>
<span id="midArticle_8"></span>
<p>Cameron understood this was an election promise Hollande had made, the British source said.</p>
<span id="midArticle_9"></span>
<p>On the euro zone economic crisis, Cameron said Hollande and he both wanted to see "stability in international markets."</p>
<span id="midArticle_10"></span>
<p>"We both want to see countries deal with their deficits and we both want to see economic growth," Cameron said.</p>
<span id="midArticle_11"></span>
<p>Hollande said the two leaders were "convinced we need to continue improving our public accounts while restoring growth."</p>
<span id="midArticle_12"></span>
<p>On Greece, Hollande said he would like Greece to remain in the euro zone but it would be for the Greek people to "answer the question."</p>
<span id="midArticle_13"></span>
<p>"My position is we should do everything possible so that they say yes to that," he said.</p>
<span id="midArticle_14"></span>
<p>Cameron earlier called for "decisive action" to tackle the euro zone crisis.</p>
<span id="midArticle_15"></span>
<p>"Britain wants to have a successful euro zone, that is where 40 percent of our trade goes. We need decisive action from euro zone countries in terms of strengthening euro zone banks, in terms of a strong euro zone firewall and decisive action over Greece. That has to be done," Cameron told reporters.</p>
<span id="midArticle_0"></span>
<p>"Clearly the Greeks have to make their minds up, they have to make their decision. Decisive action needs to be taken. That's absolutely vital that it is because that will affect the stability not only of the euro zone economies. It affects our economy and it affects the world economy too," Cameron said.</p>
<span id="midArticle_1"></span>
<p>The EU trade commissioner said earlier on Friday that European officials are working on contingency plans in case Greece bombs out of the euro zone</p>
<span id="midArticle_2"></span>
<p>Cameron, a centre-right Conservative who built a close relationship with Hollande's predecessor Nicolas Sarkozy, snubbed Hollande when the Socialist leader visited London during his election campaign, but at Friday's meeting he invited Hollande to visit London soon.</p>
<span id="midArticle_3"></span>
<p>Hollande made ironic reference to the snub, saying that since he had not been able to visit London before the election he would be "all the happier" to meet Cameron afterwards. (Additional reporting by <a href="http://blogs.reuters.com/search/journalist.php?edition=uk&n=elizabethpineau&">Elizabeth Pineau</a>; Editing by Diane Craft)</p>
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<div id="articleInfo" readability="26.052631578947">
<p class="byline">By <a href="http://blogs.reuters.com/search/journalist.php?edition=uk&n=adrian.croft&">Adrian Croft</a></p>
<p><span class="location">WASHINGTON</span> | <span class="timestamp">Fri May 18, 2012 11:56pm BST</span></p>
</div>
<span id="midArticle_0"></span>
<p><span class="focusParagraph"><span class="articleLocation">WASHINGTON</span> May 18 (Reuters) - British Prime Minister David Cameron and new French President Francois Hollande clashed on Friday over the need for a financial transactions tax to fund growth but played down other differences over how to respond to the euro zone debt crisis.</span></p>
<span id="midArticle_1"></span>
<p>Both leaders said after a first 35-minute meeting at the British ambassador's residence in Washington that they backed measures to cut deficits and spur growth in Europe, glossing over differences between Hollande's pro-growth stance and Cameron's emphasis on reducing debt.</p>
<span id="midArticle_2"></span>
<p>But Cameron said he would maintain his staunch opposition to a tax on financial transactions that Hollande backs as a way to raise revenue to boost growth.</p>
<span id="midArticle_3"></span>
<p>"On the financial transactions tax, I'm very clear, we are not going to get growth in Europe or Britain by introducing a new tax that would actually hit people as well as financial institutions," Cameron told reporters before his meeting at the elegant ambassador's residence, designed by famous British architect Edwin Lutyens in the 1920s.</p>
<span id="midArticle_4"></span>
<p>"I don't think it is a sensible measure. I will not support it," he said.</p>
<span id="midArticle_5"></span>
<p>Cameron, keen to prevent damage to Europe's leading financial centre in the City of London, has previously threatened to veto a European-wide financial transaction tax unless it was adopted globally, setting him on a collision course with France and Germany which back the idea.</p>
<span id="midArticle_6"></span>
<p>A British government source said Hollande and Cameron agreed they had "different positions" on the financial transaction tax, also known as the Tobin tax.</p>
<span id="midArticle_7"></span>
<p>Hollande also repeated to Cameron that he intended to pull France's combat troops out of Afghanistan this year, two years earlier than a NATO timetable for ending combat operations.</p>
<span id="midArticle_8"></span>
<p>Cameron understood this was an election promise Hollande had made, the British source said.</p>
<span id="midArticle_9"></span>
<p>On the euro zone economic crisis, Cameron said Hollande and he both wanted to see "stability in international markets."</p>
<span id="midArticle_10"></span>
<p>"We both want to see countries deal with their deficits and we both want to see economic growth," Cameron said.</p>
<span id="midArticle_11"></span>
<p>Hollande said the two leaders were "convinced we need to continue improving our public accounts while restoring growth."</p>
<span id="midArticle_12"></span>
<p>On Greece, Hollande said he would like Greece to remain in the euro zone but it would be for the Greek people to "answer the question."</p>
<span id="midArticle_13"></span>
<p>"My position is we should do everything possible so that they say yes to that," he said.</p>
<span id="midArticle_14"></span>
<p>Cameron earlier called for "decisive action" to tackle the euro zone crisis.</p>
<span id="midArticle_15"></span>
<p>"Britain wants to have a successful euro zone, that is where 40 percent of our trade goes. We need decisive action from euro zone countries in terms of strengthening euro zone banks, in terms of a strong euro zone firewall and decisive action over Greece. That has to be done," Cameron told reporters.</p>
<span id="midArticle_0"></span>
<p>"Clearly the Greeks have to make their minds up, they have to make their decision. Decisive action needs to be taken. That's absolutely vital that it is because that will affect the stability not only of the euro zone economies. It affects our economy and it affects the world economy too," Cameron said.</p>
<span id="midArticle_1"></span>
<p>The EU trade commissioner said earlier on Friday that European officials are working on contingency plans in case Greece bombs out of the euro zone</p>
<span id="midArticle_2"></span>
<p>Cameron, a centre-right Conservative who built a close relationship with Hollande's predecessor Nicolas Sarkozy, snubbed Hollande when the Socialist leader visited London during his election campaign, but at Friday's meeting he invited Hollande to visit London soon.</p>
<span id="midArticle_3"></span>
<p>Hollande made ironic reference to the snub, saying that since he had not been able to visit London before the election he would be "all the happier" to meet Cameron afterwards. (Additional reporting by <a href="http://blogs.reuters.com/search/journalist.php?edition=uk&n=elizabethpineau&">Elizabeth Pineau</a>; Editing by Diane Craft)</p>
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<p><span class="timestamp">Fri May 18, 2012 11:48pm BST</span></p>
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<p><span class="focusParagraph">(Adds context, quote from S&P text)</span></p>
<span id="midArticle_0"></span>
<p><span class="articleLocation">NEW YORK</span> May 18 (Reuters) - Standard & Poor's upgraded Bolivia's long-term sovereign credit rating on Friday to BB-minus from B-plus, citing improved government finances and stronger external indicators.</p>
<span id="midArticle_1"></span>
<p>The country has a stable outlook, S&P said in a statement.</p>
<span id="midArticle_2"></span>
<p>"Years of current account surpluses have led to a sharp buildup in Bolivia's international reserves," the ratings agency's statement noted. "This provides the country with an important buffer against potential external economic shocks, especially given its high dependence on natural gas and mining exports."</p>
<span id="midArticle_3"></span>
<p>"A fragmented political landscape, due to strong divisions among regional, social and ethnic lines, continues to constrain the sovereign ratings," S&P added.</p>
<span id="midArticle_4"></span>
<p>Bolivia has a B1 rating from Moody's Investors Service with a positive outlook and a B-plus from Fitch Ratings with a stable outlook.</p>
<span id="midArticle_5"></span>
<p>President Evo Morales has steadily tightened state control over the economy. Early this month he ordered the army to take over the Cochabamba headquarters of power transmission company Empresa Transportadora de Electricidad (TDE).</p>
<span id="midArticle_6"></span>
<p>The government says it will work with Red Electrica Espanola to decide how much the Spanish power company should get in compensation for the nationalization of its local unit.</p>
<span id="midArticle_7"></span>
<p>"Foreign direct investment remains relatively low," S&P said. "This remains a key structural weakness that constant revisions to the country's investment policies and nationalization of so-called strategic sectors of the economy exacerbate." (Reporting by Luciana Lopez, Editing by Gary Crosse and Andrew Hay)</p>
<span id="midArticle_8"></span>
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<p><span class="timestamp">Fri May 18, 2012 11:48pm BST</span></p>
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<p><span class="focusParagraph">(Adds context, quote from S&P text)</span></p>
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<p><span class="articleLocation">NEW YORK</span> May 18 (Reuters) - Standard & Poor's upgraded Bolivia's long-term sovereign credit rating on Friday to BB-minus from B-plus, citing improved government finances and stronger external indicators.</p>
<span id="midArticle_1"></span>
<p>The country has a stable outlook, S&P said in a statement.</p>
<span id="midArticle_2"></span>
<p>"Years of current account surpluses have led to a sharp buildup in Bolivia's international reserves," the ratings agency's statement noted. "This provides the country with an important buffer against potential external economic shocks, especially given its high dependence on natural gas and mining exports."</p>
<span id="midArticle_3"></span>
<p>"A fragmented political landscape, due to strong divisions among regional, social and ethnic lines, continues to constrain the sovereign ratings," S&P added.</p>
<span id="midArticle_4"></span>
<p>Bolivia has a B1 rating from Moody's Investors Service with a positive outlook and a B-plus from Fitch Ratings with a stable outlook.</p>
<span id="midArticle_5"></span>
<p>President Evo Morales has steadily tightened state control over the economy. Early this month he ordered the army to take over the Cochabamba headquarters of power transmission company Empresa Transportadora de Electricidad (TDE).</p>
<span id="midArticle_6"></span>
<p>The government says it will work with Red Electrica Espanola to decide how much the Spanish power company should get in compensation for the nationalization of its local unit.</p>
<span id="midArticle_7"></span>
<p>"Foreign direct investment remains relatively low," S&P said. "This remains a key structural weakness that constant revisions to the country's investment policies and nationalization of so-called strategic sectors of the economy exacerbate." (Reporting by Luciana Lopez, Editing by Gary Crosse and Andrew Hay)</p>
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<p><span class="timestamp">Sat May 19, 2012 12:03am BST</span></p>
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<p><span class="focusParagraph">* Investor said Citigroup hid risk during 2008 financial crisis</span></p>
<span id="midArticle_0"></span>
<p>* Judge: Lack of confidence caused liquidity problems for bank</p>
<span id="midArticle_1"></span>
<p>By Jonathan Stempel</p>
<span id="midArticle_2"></span>
<p>May 18 (Reuters) - Citigroup Inc and its Chief Executive Vikram Pandit on Friday won a dismissal of New York real estate developer Sheldon Solow's lawsuit accusing them of securities fraud for hiding the bank's risks during the 2008 financial crisis.</p>
<span id="midArticle_3"></span>
<p>U.S. District Judge Robert Sweet in Manhattan said Solow failed to show that the defendants had materially misled him about Citigroup's liquidity and capitalization, or that his stock losses were caused when the bank's risks were realized.</p>
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<p>Sweet had in November dismissed an earlier version of Solow's complaint, but gave the plaintiff a chance to replead. Friday's dismissal is "with prejudice", meaning that Solow cannot bring the case again.</p>
<span id="midArticle_5"></span>
<p>Ira Lee Sorkin, a partner at Lowenstein Sandler representing Solow, did not immediately respond to a request for comment, including over whether his client plans an appeal. Citigroup did not immediately respond to a similar request.</p>
<span id="midArticle_6"></span>
<p>The lawsuit is separate from nationwide litigation by Citigroup stock and bond investors over the bank's disclosures about its exposure to toxic mortgage debt. That litigation is overseen by Sweet's colleague, U.S. District Judge Sidney Stein.</p>
<span id="midArticle_7"></span>
<p>Solow claimed the New York-based bank was responsible for his losing 87 percent of a $510,000 investment in 40,000 Citigroup shares that he bought in September and November 2008. He sold the shares in March 2009.</p>
<span id="midArticle_8"></span>
<p>The developer contended that Citigroup overstated its financial health in late 2008 and early 2009, even trying to buy parts of Wachovia Corp before that struggling lender agreed to a takeover by Wells Fargo & Co.</p>
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<p>He also said Citigroup even touted its strong capital levels and liquidity while quietly scrambling to obtain a federal bailout that included $20 billion of new capital.</p>
<span id="midArticle_10"></span>
<p>Sweet, however, said Solow failed to link Citigroup's alleged concealments to the decline in its stock price, which fell briefly below $1.</p>
<span id="midArticle_11"></span>
<p>"Citigroup's liquidity crisis can be attributed to a lack of confidence in the firm rather than the materialization of a risk defendants concealed," he wrote.</p>
<span id="midArticle_12"></span>
<p>The case is Solow v. Citigroup Inc et al, U.S. District Court, Southern District of New York, No. 10-02927. (Reporting By Jonathan Stempel in New York; editing by Carol Bishopric)</p>
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<p><span class="timestamp">Sat May 19, 2012 12:03am BST</span></p>
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<p><span class="focusParagraph">* Investor said Citigroup hid risk during 2008 financial crisis</span></p>
<span id="midArticle_0"></span>
<p>* Judge: Lack of confidence caused liquidity problems for bank</p>
<span id="midArticle_1"></span>
<p>By Jonathan Stempel</p>
<span id="midArticle_2"></span>
<p>May 18 (Reuters) - Citigroup Inc and its Chief Executive Vikram Pandit on Friday won a dismissal of New York real estate developer Sheldon Solow's lawsuit accusing them of securities fraud for hiding the bank's risks during the 2008 financial crisis.</p>
<span id="midArticle_3"></span>
<p>U.S. District Judge Robert Sweet in Manhattan said Solow failed to show that the defendants had materially misled him about Citigroup's liquidity and capitalization, or that his stock losses were caused when the bank's risks were realized.</p>
<span id="midArticle_4"></span>
<p>Sweet had in November dismissed an earlier version of Solow's complaint, but gave the plaintiff a chance to replead. Friday's dismissal is "with prejudice", meaning that Solow cannot bring the case again.</p>
<span id="midArticle_5"></span>
<p>Ira Lee Sorkin, a partner at Lowenstein Sandler representing Solow, did not immediately respond to a request for comment, including over whether his client plans an appeal. Citigroup did not immediately respond to a similar request.</p>
<span id="midArticle_6"></span>
<p>The lawsuit is separate from nationwide litigation by Citigroup stock and bond investors over the bank's disclosures about its exposure to toxic mortgage debt. That litigation is overseen by Sweet's colleague, U.S. District Judge Sidney Stein.</p>
<span id="midArticle_7"></span>
<p>Solow claimed the New York-based bank was responsible for his losing 87 percent of a $510,000 investment in 40,000 Citigroup shares that he bought in September and November 2008. He sold the shares in March 2009.</p>
<span id="midArticle_8"></span>
<p>The developer contended that Citigroup overstated its financial health in late 2008 and early 2009, even trying to buy parts of Wachovia Corp before that struggling lender agreed to a takeover by Wells Fargo & Co.</p>
<span id="midArticle_9"></span>
<p>He also said Citigroup even touted its strong capital levels and liquidity while quietly scrambling to obtain a federal bailout that included $20 billion of new capital.</p>
<span id="midArticle_10"></span>
<p>Sweet, however, said Solow failed to link Citigroup's alleged concealments to the decline in its stock price, which fell briefly below $1.</p>
<span id="midArticle_11"></span>
<p>"Citigroup's liquidity crisis can be attributed to a lack of confidence in the firm rather than the materialization of a risk defendants concealed," he wrote.</p>
<span id="midArticle_12"></span>
<p>The case is Solow v. Citigroup Inc et al, U.S. District Court, Southern District of New York, No. 10-02927. (Reporting By Jonathan Stempel in New York; editing by Carol Bishopric)</p>
<span id="midArticle_13"></span>
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