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The mysterious case of the ‘missing’ €10bn

Summary:
FT Alphaville updatesSign up to myFT Daily Digest to be the first to know about FT Alphaville news. You don’t see a €10bn lawsuit every day, so naturally our interest was piqued when we read in Law360 that an obscure “money manager for United Nations humanitarian projects” had sued Citibank over such a sum in London’s High Court.The case was brought by the UK-registered Lex Foundation in July and claims that Citibank has lost track of €10bn that was purportedly paid from Deutsche Bank into the Foundation’s account with Citi.Supposedly this €10bn was the first tranche of €100bn the Foundation was due to receive for “the purposes of investment in UN-approved projects”. Citi denies the claims, calling the case “entirely baseless”.It’s a rather astonishing set of allegations.

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