FINRA Hits Citi With $6.4M Ruling Over MAT Funds

Law360, New York (February 8, 2011, 5:41 PM EST) -- A Financial Industry Regulatory Authority arbitration panel has slapped Citigroup Inc. with a $6.4 million judgment in a breach of contract case brought by investors who put money into troubled funds that imploded in 2008.

The award, made public Monday, ends a $12 million claim filed in November 2008 by investors led by Vector Securities LLC Chairman and CEO D. Theodore Berghorst, along with funds he controlled.

Berghorst and his co-claimants alleged fraudulent and negligent representation and breach of contract against Citigroup Global Markets Inc. and...
To view the full article, register now.