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CIT Group sinks amid liquidity talks

NEW YORK
Mon Jul 13, 2009 8:20am EDT

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NEW YORK (Reuters) - Shares of CIT Group Inc (CIT.N) dropped more than 16 percent to $1.25 before the bell on Monday after the commercial U.S. lender, struggling to finance its business, said late on Sunday it remained in discussions with regulators on measures to improve liquidity.

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Separately, the Wall Street Journal reported over the weekend that the company had hired a top law firm to explore a possible bankruptcy filing.

(Reporting by Ellis Mnyandu; Editing by Theodore d'Afflisio)
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