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Citigroup Ordered To Pay Investors $54M For Losses From Muni Securities

NEW YORK, April 12 (Joseph A. Giannone) – An arbitration panel ordered Citigroup Inc (C.N) to pay a group of investors $54.1 million for losses from municipal securities funds that cratered between 2007 and 2008, the biggest award yet involv…

NEW YORK, April 12 (Joseph A. Giannone) – An arbitration panel ordered Citigroup Inc (C.N) to pay a group of investors $54.1 million for losses from municipal securities funds that cratered between 2007 and 2008, the biggest award yet involving the funds in a long series of legal claims against the bank.

Three investors — Gerald Hosier, Brush Creek Capital and Jerry Murdock — filed in June 2009, seeking $48.2 million of damages plus other relief related to their losses on three municipal bond arbitrage funds and three ASTA Finance funds sold by Citigroup Global Markets brokers.

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