NEW YORK, Sept. 12, 2012 (GLOBE NEWSWIRE) -- A New York City based Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered Citigroup Global Markets, Inc. to pay compensatory damages of more than $1.471 million to a client of Maddox Hargett & Caruso, P.C. in connection with her 2007 purchase of the Rochester Fund Municipals Fund (RMUNX).
"Through the issuance of this arbitration award, our client not only received a substantial portion of the losses that she sustained as a result of her investment in the Rochester Fund Municipals Fund, but the arbitrators also further held Citigroup liable for 9% of statutory interest on her principal loss as well," according to Steven B. Caruso, of Maddox Hargett & Caruso, P.C., who served as counsel for the investor.
"This is an important win for our client," Caruso noted, "because it once again sends a clear message to Citigroup that you cannot mislead investors, with toxic and speculative investments that were represented to be safe and secure, irrespective of their wealth."
In addition to this latest arbitration award, Maddox Hargett & Caruso, P.C. has also served as co-counsel in numerous other FINRA arbitration proceedings, involving Citigroup's ASTA-MAT municipal arbitrage product, which, to date, have resulted in investors being awarded damages of more than $60 million.
In the Spring of 2011, for example, the law firm of Maddox Hargett & Caruso, P.C. served as co-counsel in connection with the largest FINRA arbitration award ever levied against a major Wall Street brokerage firm on behalf of individual investors, in another case against Citigroup Global Markets, involving the ASTA-MAT municipal arbitrage product, when a Denver arbitration panel found the firm liable for $54 million of damages – including $17 million of punitive damages – which is reportedly the largest arbitration award ever received by retail investors in the history of securities arbitration.
Maddox Hargett & Caruso, P.C. continues to investigate FINRA arbitration claims on behalf of investors who suffered losses in both the Rochester Fund Municipals Fund and the ASTA-MAT municipal arbitrage product.
More information is available by contacting the attorney below.