Asset Manager Axis Sues Citi’s Banamex for Unpaid Trust Fees (1)

Axis Asset Management sued Citigroup Inc.’s Banamex to collect an arbitration award of more than $53 million tied to the Mexican bank’s alleged failure to pay management fees on a trust backing an oil-services firm that went bankrupt.

Axis filed a petition Wednesday in New York federal court, alleging nonpayment of the award that was issued by ICC International Court of Arbitration in December.

A Citigroup representative said in a statement that the company had valid legal reasons to challenge the arbitration award and that it had submitted a suit in Mexican federal court. “We will continue to ...