Hosier, et al. v. Citigroup Global Markets, Inc.
Bakhtiari & Harrison partner, Ryan Bakhtiari, was co-lead counsel for the legal team that arbitrated and won the largest FINRA award to date in 2011 totaling $54 million. The award included $17 million in punitive damages and involved losses incurred by investors who purchased Mat/ASTA, Citigroup’s leveraged municipal arbitrage fund that failed in February 2008. According to the Wall Street Journal, the arbitration award is the largest ever levied against a major Wall Street brokerage in favor of individual investors.
View the Complete Arbitration Award
Press Coverage
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1/15/2012
New York Times
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12/22/2011
Citigroup Loses Suit to Overturn $54-mln Ruling
Reuters
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12/22/2011
‘Unpersuasive’ Citi Must Pay Whopper of an Award to Former Clients
Investment News
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12/22/2011
The Bond Buyer – Judge Denies Citi Challenge of $54M FINRA Ruling
The Bond Buyer
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12/12/2011
Citi’s Embarrassing Emails Reveal Mutiny Over Risky Investments
Fox Business
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4/23/2011
A Crack in Wall Street’s Defenses
New York Times
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4/13/2011
Citigroup to pay fund investors $51m
Boston Globe
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4/12/2011
Regulators order Citigroup pay $54 million to investors over losses in municipal hedge funds
The Washington Post
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4/12/2011
Regulators award Citigroup investors $54M
Associated Press
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4/12/2011
Citi Faces Punitive Damages in Muni-Fund Case
Wall Street Journal
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4/12/2011
Citi ordered by panel to pay investors $54M
Reuters
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4/12/2011
Finra orders Citigroup to pay $51M to muni-fund investors
InvestmentNews
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4/12/2011
FINRA Shakes Citi Unit For $54M Over Hedge Funds
Law360
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4/12/2011
Citigroup Loses Municipal Bond Case
Wall Street Journal
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The Daily Journal