Citibank Urges Dismissal of Lawsuit Alleging Failure to Prevent Fraud

Citibank lawyers urged a judge Tuesday (Oct. 8) to throw out a suit filed in January by New York Attorney General Letitia James that accuses the bank of failing to protect fraud victims.The lawyers argued that the bank has protections in place for consumers and that a New York victory in the lawsuit would result in a “dramatic shift” in how electronic payments are processed, Bloomberg reported Tuesday.Julia Strickland, an attorney representing Citibank, argued that major banks use multiple layers of fraud d ...