'Attorney General James Sues Citibank For Failing To Protect And Reimburse Victims Of Electronic Fraud' - Office Of NY State Attorney General
Portfolio Pulse from Benzinga Newsdesk
New York State Attorney General Letitia James has filed a lawsuit against Citibank for its alleged failure to protect customers from electronic fraud and for not reimbursing victims as required by law. The lawsuit claims that Citibank's practices have resulted in significant financial losses for consumers and that the bank has violated the Electronic Fund Transfer Act by not properly investigating fraud claims or refunding unauthorized transactions.
January 30, 2024 | 3:03 pm
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Citibank is facing a lawsuit from the NY Attorney General for failing to protect customers from electronic fraud and not reimbursing unauthorized transactions, which could lead to financial and reputational damage.
The lawsuit by the NY Attorney General against Citibank for failing to protect customers from electronic fraud and not reimbursing them could lead to financial penalties and increased regulatory scrutiny. This negative publicity may also erode customer trust and potentially impact the bank's stock price in the short term.
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