Citigroup Loses Bid To Overturn $54M FINRA Ruling

Law360, New York (December 22, 2011, 8:40 PM EST) -- Citigroup Global Markets Inc. must follow a Financial Industry Regulatory Authority arbitration panel's ruling and pay $54.1 million to a group of investors in mutual bond funds that lost large amounts of money from 2007 to 2008, a Colorado federal judge said Wednesday.

U.S. District Judge Christine Arguello denied Citigroup's motion to overturn the panel's ruling, saying the panel had acted within its authority and followed relevant legal precedent when it found the brokerage had breached its fiduciary duty to the three investors and committed fraud,...
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