Abramson v Citigroup - $1,710,000 MAT V Award
In May 2010, a FINRA arbitration panel in Los Angeles, CA ordered Citigroup to pay $1,710,000 including $25,000 in costs and interest on the award at the rate of 10%. The panel also assessed $18,000 in forum fees to the Respondent. The award was made after a hearing wherein the Claimants alleged that Respondent breached contractual and fiduciary duties and negligently misrepresented MAT V, a leveraged municipal bond arbitrage fund. Dr. McCann testified on behalf of the Claimants.