Archive · 6 Sep 2025
Axis Asset Management Sues Citi's Banamex Over Unpaid Fees
Axis Asset Management is suing Citigroup's Banamex bank because Banamex didn't pay them money.
Back in 2013, Axis set up a special fund to invest in Mexican companies.
Banamex was in charge of the money in that fund.
One of the companies the fund invested in went bankrupt.
After that, Banamex stopped paying Axis for their work managing the fund.
An arbitrator ruled that Banamex owes Axis over $53 million.
But, Banamex is refusing to pay and is now being sued in court, while the bank is preparing an IPO.
The CEO of Axis helped start the oil-rig company that went bankrupt, and also worked at Banamex.
Axis Asset Management sued Banamex over an unpaid arbitration award.
The award of over $53 million is tied to unpaid management fees.
The fees stem from a trust created in 2012 to fund Mexican companies.
Oro Negro, a company backed by the trust, filed for bankruptcy.
Citigroup is preparing to list Banamex in an IPO.
- Who
- Axis Asset Management and Citigroup’s Banamex
- What
- Axis is suing Banamex over unpaid management fees.
- When
- The arbitration award was issued in December.
- Where
- New York federal court and Mexico.
- Why
- Banamex allegedly failed to pay fees related to a trust.
- Plaintiff
- Axis Asset Management
- Defendant
- Citigroup Inc.’s Banamex
- Amount in Dispute
- Over $53 million
- Origin of Dispute
- Unpaid management fees on a trust
- Trust Purpose
- Funding Mexican companies and infrastructure
- Bankruptcy
- Oro Negro filed for bankruptcy in 2017
- Legal Action
- Axis filed in New York federal court and in Mexico.