Tormar Associates countersues Citi in FX claim
US-based family office submits detailed legal response
Tormar Associates, a family office fund based in Stamford, Connecticut, is countersuing Citi for $10 million, claiming the $35 million loss suffered by its foreign exchange prime brokerage (PB) desk with Tormar on January 15 was caused by the US bank's decision to breach the terms of the pair's International Swaps and Derivatives Association Master Agreement.
The countersuit is part of a detailed response to Citi's lawsuit, filed on March 13 at the US District Court Southern District of New York
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