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 […]
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 […]
Law360
The Financial Industry Regulatory Authority on Monday ordered a Citigroup Inc. unit to pay three investors more than $54 million for its mismanagement of poorly performing municipal bond hedge funds. Gerald D. Hosier, Brush Creek Capital LLC and Jerry Murdock Jr. filed the claim in June 2009, alleging Citigroup Global Markets breached its fiduciary duty […]
Wall Street Journal
Citigroup Inc. has been ordered to pay $54.1 million to two wealthy investors for losses they suffered on a series of risky municipal bond funds that lost 77% of their value in the midst of the financial crisis. The award by an industry arbitration panel is the largest ever levied against a major Wall Street […]