Hosier et al v Citigroup - $54.1 million MAT Finance, MAT Two, MAT Three, MAT Five Award

In April 2011, a FINRA arbitration panel in Denver, CO ordered Citigroup to pay Claimants $54.1 million including $17 million in punitive damages and $3 million in attorneys' fees over the sale of Citigroup's MAT Finance, MAT Two, MAT Three, MAT Five, ASTA Finance, ASTA Three and ASTA Five leveraged municipal bond hedge funds. The award was made after a hearing wherein the Claimants alleged that Respondent breached contractual and fiduciary duties and misrepresented the hedge funds. Dr. McCann testified on behalf of the Claimants.

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Craig J. McCann