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Citigroup CEO Vikram Pandit seems to be caught in the crossfire of the banks misdoings and deservedly so. Investor lawsuits connected to the marketing and sale of a group of proprietary Citigroup hedge funds sold under the brand names ASTA and MAT were emerging at an alarming rate. Marketed to investors as safe fixed-income funds […]
The FSA and Financial Ombudsman Service said in a press release yeasterday they have jointly concluded that Lehman Brothers’ insolvency raises issues in the UK structured products market. The release said: “As a result, while the Ombudsman has been investigating a number of individual complaints, the FSA has been actively looking at the wider issues […]
Colorado settled with Wachovia Securities, which is changing its name to Wells Fargo Advisors this month, regarding its sale of auction-rate securities, the state’s securities commissioner announced. St. Louis-based Wachovia, formerly A.G. Edwards & Sons Inc., agreed to buy back $157 million of auction-rate securities from Colorado investors by June 30, Commissioner Fred Joseph said […]
The Financial Industry Regulatory Authority (FINRA) announced today that it has entered into final settlements with four additional firms to settle charges relating to the sale of Auction Rate Securities (ARS) that became illiquid when auctions froze in February 2008. To date, FINRA has concluded final settlements with nine firms, imposing a total of $2.6 […]
The backlash from institutional investors over auction-rate securities (ARS) is causing a world of problems for financial giant Citigroup. Braintree Laboratories, a large pharmaceutical manufacturer, is suing the bank for selling more than $33 million worth of auction-rate securities. Braintree is disputing the sale, which occurred in 2008, alleging that it was orchestrated at the […]