Citigroup pulled a “bait and switch” on a purchaser of delinquent consumer credit card debt by offloading less valuable accounts while keeping those that had a more likely chance of recovery, according to a lawsuit.
The purchaser, Absolute Resolutions Investments, says it paid the company’s Citibank unit about $23m for portfolios of delinquent accounts since October 2019. But instead of getting portfolios that were similar to a sample provided by the bank, Absolute says it received ones that were “laden with lower-value accounts with significantly impaired chances of recovery”.
“The details surrounding Citi’s fraud are somewhat complex, but the crux of this case is simple: Citi promised to sell Absolute something of value — even showing Absolute a detailed preview of the product being offered — but what Citi ultimately transferred to Absolute was much less valuable than what had been previewed,” Absolute said in the complaint. “It was a classic ‘bait and switch.
“The performance of the transferred accounts leaves little doubt that Citi culled the more desirable accounts from the portfolios before transferring the accounts to Absolute — leaving Absolute holding the very expensive equivalent of a dandelion bouquet after paying for roses,” Absolute said in the lawsuit.
The company says it bought its first portfolio from Citi in 2006 and consistently made purchases from 2011 to 2015 without suffering similar problems until its status as an approved buyer was revoked in 2016. It was reapproved in 2019, and then terminated as an approved buyer in January 2021 in the midst of negotiations.
I want to share this because i want others to benefit from this opportunity that Dpurplewomanfx gave to me i made R40,750 profit today. I strongly recommend this trader to those who look for a stable system Dpurplewomanfx
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: TheSAnews - 🏆 25. / 59 Read more »
Source: TheSAnews - 🏆 25. / 59 Read more »
Source: BusinessTechSA - 🏆 24. / 61 Read more »
Malaysia still way off repaying scandal-tainted 1MDB’s outstanding debtFinance ministry to repay only the principal amount this year and commits to repay balance still owed by the state fund To make it all easy to your understanding,, it's based on investment whereby you're given the opportunity to make investment with a minimum amount and you get returns from a weekly trade carried out in the platform... ASK ME HOW Why are they paying such? Only way to teach a lesson is refusing to pay that nonsense.
Source: BDliveSA - 🏆 12. / 63 Read more »
Case against 42 accused of killing five people at IPHC struck off the rollThe case against 42 people who were accused of being involved in shooting that killed five people at International Pentecostal Holiness Church in Zuurbekom has been struck of the roll. NPA bathong 🤣🤣 Highly publicised case involving gun shots 😕
Source: SowetanLIVE - 🏆 13. / 63 Read more »
Man accused of torching parliament begins 30 days in psychiatric hospitalZandile Christmas Mafe, who is facing a terrorism charge after the fire that destroyed large parts of parliament, began 30 days of observation at a psychiatric hospital on Thursday. Who bought him a suit course last time I check he was a street kid
Source: SowetanLIVE - 🏆 13. / 63 Read more »