Citigroup To Pay $10.8M To Customer Over RBS Investments

Law360, New York (August 1, 2013, 2:53 PM EDT) -- Citigroup Inc. must pay a former customer more than $10.8 million over claims it failed to protect his investments in the Royal Bank of Scotland Group PLC, an arbitration award that partially restores the customer's losses after the Scotland bank's stock tanked in the 2008 financial crisis.

A Financial Industry Regulatory Authority arbitration panel on Wednesday ruled in favor of John Leopold Fiorilla, who claimed that Citigroup Global Markets Inc. cost him more than $15 million in investments, according to a regulatory filing. The bank must...
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