Citigroup Hit With New Arbitration Award

Law360, New York (April 12, 2006, 12:00 AM EDT) -- In yet another financial setback for investment bank Citigroup Global Markets Inc., an arbitration panel of the National Association of Securities Dealers (NASD) has ordered the firm to pay hundreds of thousands of dollars to investors who said they were cheated out of their retirement.

The $900,000 award was leveled against the company due to allegedly coercive investment advice offered by a broker at Salomon Smith Barney, now the brokerage unit of New York-based Citigroup.

The couple, Suzanne and Joseph Carruthers of Ohio, joins a string...
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