FINRA Arb Panel Orders Citigroup to Pay $51 Million to Investors in Municipal Bond Hedge Funds

A FINRA arbitration panel issued an award ordering Citigroup to pay more than $51 million (including $17 million in punitive damages) to a group of investors in its MAT and ASTA municipal bond hedge funds.  It is reportedly the third largest award at FINRA since 1988.  Citigroup previously disclosed that the SEC is conducting an inquiry as to whether brokers misled investors about the risks involved with these funds.  Inv News, Finra orders Citigroup to pay $51M to muni-fund investors