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Citigroup Wins $25M Suit Against Stamford Firm In Swiss Franc Case

John Tormondsen (pictured) and Ron Marks of Stamford's Tormar Associates LLC were sued by Citigroup Inc. regarding Swiss franc losses. A judge has ruled the firm owes the bank damages.
John Tormondsen (pictured) and Ron Marks of Stamford's Tormar Associates LLC were sued by Citigroup Inc. regarding Swiss franc losses. A judge has ruled the firm owes the bank damages. Photo Credit: Contributed

STAMFORD, Conn. -- A judge in Manhattan has ruled that a Stamford-based firm, sued for $25 million by Citigroup Inc. regarding Swiss franc losses, owes damages to the banking giant, according to Reuters.

According to the Reuters report, U.S. District Judge Paul Oetken found Tuesday that Tormar Associates LLC owes the bank damages. Tormar did not pay the collateral it owed Citigroup, he ruled, after the franc surged sharply and unexpectedly last January, Reuters reported.

Tormar is the joint family office of former Goldman Sachs partners Ron Marks and John Tormondsen, the story said.

The judge gave Citigroup and Tormar until Dec. 23 to reach an agreement on just how much damages should be paid, according to the Reuters report.

For the full Reuters story, click here .

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