Associated Press
Securities regulators have ordered Citigroup Inc. to pay $54 million to two investors who suffered hefty losses in several municipal bond hedge funds between 2002 and 2007. An arbitration panel of the Financial Industry Regulatory Authority in Denver awarded the investors $34.1 million in compensatory damages and $17 million in punitive damages in an order […]
Wall Street Journal
A securities arbitration panel has ordered a unit of Citigroup Inc. to pay a group of investors about $54 million for losses they incurred in a municipal-bond arbitrage fund that lost about 80% from mid 2007 through March 2008. Three investors, including Brush Creek Capital, filed the claim in 2009, seeking damages related to MAT […]
Reuters
An arbitration panel ordered Citigroup Inc to pay a group of investors $54.1 million for losses from municipal securities funds that cratered between 2007 and 2008, the biggest award yet involving the funds in a long series of legal claims against the bank. Three investors — Gerald Hosier, Brush Creek Capital and Jerry Murdock — […]
The Daily Journal
Breach Of Fiduciary Duty, Breach of Written Contract ARBITRATION: $54,105,616. CASE/NUMBER: Gerald D. Hosier, individually, and as trustee of the Gerald D: Hosier, U/A/D 10/4/99; Brush Creek Capital LLC; Jerry Murdock Jr. v. Citigroup Global Markets Inc. / 09-03297. COURT/DATE: FINRA/ April 18, 2011. ARBITRATOR: Malcolm T. Cleland. ATTORNEYS: Claimant- Philip M. Aidikoff, Ryan K. […]
InvestmentNews
Citigroup Inc., the third-biggest U.S. bank, was ordered to pay more than $51 million to a group of investors in its MAT and ASTA municipal-bond hedge funds, which regulators began examining more than two years ago. The ruling by arbitrators at the Financial Industry Regulatory Authority, which oversees U.S. brokerages, includes $17 million in punitive […]