US class action lawyers have filed a civil suit alleging fraud against Citigroup and Citigroup Alternative Investments as manager of hedge fund Falcon Strategies Two B, which the lawyers said has lost more than 40% of its value after being run with too much risk.
The fund was one of the Falcon Strategies hedge funds. Citigroup said in February it was providing a $500m (â¬315m) credit line to its Falcon Strategies funds and bringing about $10bn of Falcon's assets onto its balance sheet.
