Bermuda insurers sued for $100 m by Citigroup

Three Bermuda-based insurers are being sued by Citigroup Inc. for allegedly failing to honor up to $100 million of claims concerning the settlement of litigation for the alleged mis-selling of financial products.
Citigroup Inc., a Delaware corporation based in New York, as successor in interest to Associates First Capital Corporation, filed a civil complaint at the 164th District Court of Harris County, Texas on October 23, 2006, with the case being transferred to the U. S. District Court for the Southern District of Texas on November 17, 2006.