NEW YORK (TheStreet) -- Citigroup's (C) attempt to get a lawsuit brought against it by the city of Los Angeles dismissed was denied by a U.S. district court judge Monday evening.
The lawsuit revolves around "predatory loans" that the city of Los Angeles says targeted minorities including 1,200 that resulted in foreclosures.
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Judge Otis Wright II ruled that the city has furnished enough evidence for the trial to proceed without commenting on the validity of the actual claims against the bank.
Los Angeles sued Citibank as well as Wells Fargo (WFC) and Bank of America (BAC) for damages related to lost revenue from property taxes due to the foreclosures.
Citigroup shares are down -0.7% to $49.31 today.
TheStreet Ratings team rates CITIGROUP INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate CITIGROUP INC (C) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its attractive valuation levels, expanding profit margins, increase in net income and notable return on equity. We feel these strengths outweigh the fact that the company shows weak operating cash flow."