FINRA Orders Citi Unit To Pay Fla. Trust $2.4M

Law360, New York (April 15, 2011, 9:00 PM EDT) -- The Financial Industry Regulatory Authority on Tuesday ordered a Citigroup Inc. unit to pay a family trust in Florida $2.4 million for failing to hedge against the fund's risk.

FINRA found Citigroup Global Markets Inc. liable for negligence and awarded trustees Marvin and Beverly Leiter of Boca Raton, Fla., $2,388,000.

The trustees, who filed their claim in December 2009, sought $9.6 million in damages over negligence, failure to supervise, breach of contract and fiduciary duty, omissions and misstatements, according to the award order against the Citi...
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