The Wall Street Journal, April 13, 2011 - "Citigroup Loses Muni Case"
"Citigroup Loses Muni Case" reports on the $54.1 million FINRA award in the case of Hosier et al v Citigroup Global Markets, Inc. involving Citigroup's MAT/ASTA family of leveraged municipal bond hedge funds. SLCG's "Leveraged Municipal Bond Arbitrage: What Went Wrong?" explains the fundamental flaws in the investment strategy underlying these risky hedge funds. The award is the largest securities arbitration award to individual claimants. The next largest award involving Citigroup's hedge funds was the $6.4 million Berghorst v CGMI award from earlier this year. Craig McCann of SLCG testified on behalf of the claimants in both cases.