According to a USAToday report: Citigroup's tab for reimbursing clients who said the financial giant misled them into investing in risky hedge funds marketed as the safety equivalent of municipal bonds has soared to at least $85 million.
The payments, awarded since 2008 in 59 arbitrations or settlements, represent just part of a continuing legacy of the nation's financial collapse. At least 39 additional clients with similar claims reached confidential settlements before their arbitrations, conducted through the Financial Industry Regulatory Authority (FINRA), were decided.
The embarrassing total could climb even higher as dozens more cases are set for arbitration through 2013…
Read all about it at http://www.usatoday.com/money/industries/banking/story/2012-02-21/citigroup-investor-arbitration/53673654/1
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