Citigroup Takes Auction Rate Securities Hit

Law360, New York (March 27, 2008, 12:00 AM EDT) -- Citigroup Inc. became the latest target of investor ire in the wake of the auction rate securities market collapse when it was hit last week with a lawsuit alleging it concealed the risks of the bonds.

The suit was filed in the U.S. District Court for the Southern District of New York on March 21 by an investor who claims he lost his retirement savings after being persuaded by a broker with Citigroup brokerage unit Smith Barney to put his money in the unconventional securities....
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