Citigroup Loses MAT Fund Arbitration

Citigroup suffered its first loss in an arbitration related to its MAT fund. A FINRA arbitration panel in Miami, FL awarded a claimant $250,000 plus interest accruing from March 1, 2009 until the award is paid. The arbitration hearing took place over four days in July and is reportedly the first arbitration award against Citigroup handled by a PIABA attorney concerning the MAT funds. In 2008, Citigroup’s proprietary investment funds under the trade name ASTA, MAT and Falcon blew up in spectacular fashion. Citigroup presently faces numerous customer arbitrations (including some filed by our firm) related to the funds. It had won its first two reported arbitrations in Detroit and St. Louis.