Citibank Achieves Appellate Victory
01.14.15
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On January 13, 2015, the California Court of Appeal unanimously affirmed the trial court’s dismissal of Citibank from a 14-year-old consumer class action lawsuit. The Plaintiffs alleged that Citibank violated California law by allegedly funding usurious equipment leases that Plaintiffs entered into with now-bankrupt Commercial Money Center (“CMC”). The Court of Appeal held that Plaintiffs’ claims were time-barred and that Citibank could not be held vicariously liable for CMC’s allegedly wrongful actions. The Simpson Thacher litigation team included Chet Kronenberg and Peter Jordan in the Los Angeles office and George Wang in the New York office. Chet argued the appeal on behalf of Citibank.