Citigroup Faces Suit and 1 High Demand Stock Attracting Attention
Advanced Micro Devices, Inc. (NYSE:AMD): The job cuts that Advanced Micro Devices, Inc.’s Chief Executive Officer Rory Read promised a few weeks back have begun. AMD has closed their Operating System Research Center (OSRC) located in Dresden, Germany. The OSRC programmers were responsible for a number of code improvements to Linux as well as for supporting features like PowerNow and Turbo Core. AMD was seventeenth on the Top twenty list of Linux kernel contributors through version 3.2, with 2,510 accepted changes or roughly 1% of the total. The OSRC was also apparently working on virtualization support in Linux 3.6.
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Citigroup Inc. (NYSE:C): Citigroup Inc., the third-biggest United States bank by value, was sued by Sealink Funding Ltd. for damages concerning an investment in $513 million worth of residential mortgage-backed securities. Sealink, in a suit filed today in the New York State Supreme Court in Manhattan, accused Citigroup of misrepresenting and omitting information about the underwriting standards used to issue loans that were pooled to create the securities. Sealink is seeking more than the principal amount of the securities in damages. Citigroup, based in New York, has been fending off litigation tied to mortgage-backed securities since the financial crisis when United States taxpayers had to help the lender with a $45 billion bailout. According to a quarterly regulatory filing, the bank is cooperating in response to subpoenas and requests for information from regulators concerning their “mortgage-related conduct.”