Citigroup Inc.’s Spanish unit improperly sold investment products for Lehman Brothers Holdings Inc., according to lawyers who say they filed a lawsuit on behalf of as many as 122 clients. Citigroup used aggressive marketing campaigns to sell the products, failed to diversify client investments and didn’t advise customers of what was happening at Lehman, said […]
Carlyle Group is being probed by New York prosecutors and the U.S. Securities and Exchange Commission over whether the world’s second-largest private- equity firm made illegal payments to intermediaries to secure $1.3 billion in investments from the state’s pension fund, according to a person with knowledge of the matter. New York Attorney General Andrew Cuomo […]
Massachusetts’ top securities regulator charged hedge fund firm Fairfield Greenwich Group with fraud for allegedly lying to investors about confessed swindler Bernard Madoff’s phony management business. The action on Wednesday marks the first charges against one of Madoff’s feeder funds, which funneled billions of dollars into the disgraced Wall Street legend’s long-running Ponzi scheme. William […]
Vikram Pandit, CEO for Citigroup, dismissed record low stock performances of just above $1 in a memo to employees, telling them that the bank’s earning power would ultimately prevail. Pandit’s memo was reproduced in on March 9, 2009 in a Wall Street Journal article.. In the letter, Pandit acknowledged his disappointment with Citigroup’s stock price […]
Mega bank Citigroup Global Markets is still facing tough times as the company was hit with a lawsuit from major drug company, KV Pharmaceutical. The complaint alleges that the bank misrepresented the risks associated with auction-rate securities (ARS). As a result, KV is now holding $72 million worth of illiquid auction-rate securities and has been […]