WASHINGTON -- The US Supreme Court on Tuesday rejected a challenge by a South Korean printed circuit board fabricator contesting an appeals court's decision backing dismissal of the company’s $73 million currency exchange fraud suit against Citibank.

The Supreme Court denied Simmtech's writ of certiorari, which would have ordered the lower court to deliver its record in a case so that the higher court may review it. Simmtech had argued to the high court that a US appeals court in September overstepped the bounds of established court doctrine when it affirmed a lower court’s finding that its claims had already been thoroughly reviewed.

In its suit, Simmtech alleged that in the period leading up to 2006, it became concerned about the risk of the US dollar depreciating against the Korean won. It alleged that Citbank induced it to enter into risky options contracts that did not provide an appropriate hedge against the risk the dollar depreciating and instead exposed the company to more risk.

Simmtech claimed losses of over $73 million dollars between 2008 and 2011 as result of the moves.

In 2016, a lower court had upheld the defendant's motion to dismiss the claims on the grounds of resjudicata and collateral estoppel, statute of limitations, and failure to state a claim. Simmtech then appealed that ruling to the Second District court.

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