Citi chases $25 million in Swiss franc lawsuit

US bank files lawsuit against prime brokerage client

citi-canary-wharf

Citi has filed a lawsuit against Tormar Associates, one of its US-based foreign exchange prime brokerage (FXPB) clients, for failing to pay more than $25 million, which the bank claims it is owed in collateral, after spot, forward and options trades in the Swiss franc left the value of its FX positions significantly worse off on January 15.

Court documents filed at the US District Court Southern District of New York on March 13 by Citi claim its client is in breach of the International Swaps and

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