Sophisticated investors won a $54 million arbitration award against Citigroup Global Markets Inc. related to the MAT leveraged municipal arbitrage hedge fund. It is by far the largest FINRA award rendered against Citi related to MAT. The award in the matter named Hosier v. Citi also includes $17 million in…
A Florida FINRA panel awarded $6.4 million to an investor in Citi’s MAT municipal bond arbitrage fund this week. It’s the largest award rendered against Citi related to its MAT and Falcon proprietary fund blow-ups. The case is Berghorse v. Smith Barney (FINRA 08-04466). Although damages claimed on the award…
Citigroup suffered its first loss in an arbitration related to its MAT fund. A FINRA arbitration panel in Miami, FL awarded a claimant $250,000 plus interest accruing from March 1, 2009 until the award is paid. The arbitration hearing took place over four days in July and is reportedly the…