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Citigroup faces two lawsuits over hedge funds

Citigroup has been hit with two lawsuits on Thursday related to losses in hedge funds the bank tried to bail out earlier this year.

Robeco-Sage, a hedge fund of funds owned by Netherlands-based asset manager Robeco Group, has filed suit with the New York State Supreme Court alleging that Citigroup made unauthorized trades in the bank’s Corporate Special Opportunities fund, leading to huge losses, according to a report from Bloomberg.

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