When a former Dewey & LeBoeuf partner alleged in August that Citi Private Bank defrauded him by hiding the now-defunct firm’s true financial state when Citi loaned him money to cover his capital contribution obligations, it turns out he wasn’t the first person to publicly lodge such accusations at Citi.
In the months following the March 2011 demise of a different Am Law 100 firm, Washington, D.C.-based litigation shop Howrey, a pair of former partners of that firm sued Citibank and one of its executives in San Francisco state court claiming that the bank had duped them by concealing Howrey’s financial instability as it was arranging capital loan agreements with the two lawyers.
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