Investors Sue Citigroup Over Struggling Hedge Fund

Law360, New York (April 8, 2008, 12:00 AM EDT) -- The alternative investment unit of banking giant Citigroup Inc. has been hit with a class action on behalf of investors in a struggling fixed-income hedge fund who seek to recover millions in losses.

The complaint, filed Friday in the U.S. District Court for the Southern District of Florida, claims that the managers of the hedge fund Falcon Strategies Two B LLC misrepresented their true investment strategy, taking far more risks than they acknowledged to investors. The plaintiffs claim to have lost 40% of their investment as...
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