Citibank told me my accounts would be closed and 'gave no reason' - it's ridiculous for a customer like me so I'm suing

A REAL estate agent and developer is suing Citibank over his accounts being closed due to discrimination over his heritage.

Karl Asatryan from Los Angeles is one of the lead plaintiffs in a proposed class-action lawsuit filed in California on November 17.

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In the suit, Asatryan argued that he was given a letter by the bank in May last year giving him 30 days' notice of the closure of his accounts and line of credit.

The letter allegedly gave no reason despite him being a customer of Citibank for over two decades.

The 44-year-old joined the class-action lawsuit that accuses the organization of discrimination against Armenian-American customers.

It follows a ruling by an independent body on November 7 that found via an investigation that it discriminated against credit card applicants it identified as Armenian American between 2015 and 2021.

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The Consumer Financial Protection Bureau's investigation focused on Citigroup's retail services such as co-brand credit cards with retailers like Macy's and The Home Depot.

According to the consent order, Citigroup agreed to pay $25.9 million in fines with $1.4 million going to the victims of its discrimination.

However, the class-action lawsuit which has over 100 people hoping to join it, is seeking further damages claiming that the issue is more widespread.

"That's disrespect toward the customer," Asatryan told the Los Angeles Times.

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"And for a customer like myself, that's ridiculous," he added.

The decades-long client had recently refinanced his home mortgage with Citibank.

Following the investigation, CFPB director Rohit Chopra said: "Citi purposefully discriminated against applicants of Armenian descent, primarily on the spelling of their last name.

"Citi stereotyped Armenians as prone to crime and fraud. In reality, Citi illegally fabricated documents to cover up its discrimination."

The agency alleged that some employees at the bank referred to some applicants as "Armenian bad guys," or the "Southern California Armenian Mafia."

As a result, applicants were more likely to be turned down, given credit on worse terms, or have their accounts frozen or closed.

According to the consent order, Citigroup did not admit or deny any CFPB findings.

Attorney Tamar Arminak who filed the class-action lawsuit told the LA Times: "The fine is actually minuscule compared to the damage done, and it's very significant from what we are hearing from our clients.

"It really wrecked them."

The suit alleges a number of incidents against customers due to their heritage such as damage to credit scores, the ramifications of an abrupt account closure, and the loss of access to their funds.

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In addition to this, the lawsuit is seeking punitive damages due to "the indignity of discrimination."

The U.S. Sun reached out to Citibank who declined to comment.