Citigroup urges dismissal of ‘misguided’ New York lawsuit over fraud scams

NEW YORK, April 3 — Citigroup on Tuesday urged a federal judge to dismiss New York Attorney General Letitia James’ lawsuit accusing its Citibank unit of failing to reimburse...

Citigroup said the proper standard from the Uniform Commercial Code, which all US states use, excuses banks from covering losses if in good faith they adopt commercially reasonable security measures to verify customer identities. — Reuters picNEW YORK, April 3 — Citigroup on Tuesday urged a federal judge to dismiss New York Attorney General Letitia James’ lawsuit accusing its Citibank unit of failing to reimburse customers who fall victim to online scammers.

Citigroup said the proper standard from the Uniform Commercial Code, which all US states use, excuses banks from covering losses if in good faith they adopt commercially reasonable security measures to verify customer identities.“No system will catch every scam every time,” but the solution is not a lawsuit that would “abruptly and dramatically upset how banks have organised their policies and practices for decades,” Citigroup said in a filing in Manhattan federal court.

James also accused Citibank of coercing victims into signing affidavits that purported to narrow their ability to recoup losses, and then summarily rejected reimbursement claims.

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