September 7, 2017 / 6:30 PM / 10 months ago

2nd Circuit won't revive lawsuit over Citibank currency hedges

A federal appeals court has declined to revive a lawsuit by South Korean technology company Simmtech accusing Citibank of fraud in the sale of complex derivatives marketed as exchange rate hedges.

In a decision on Wednesday, a three-judge panel of the 2nd U.S. Circuit Court of Appeals said Simmtech did not plausibly show that Citibank misrepresented the hedges, known as a knock-in, knock-out trades, or KIKOs.

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