$8.3 million Move.Inc v Citigroup ARS Award
In May 2019, a FINRA arbitration panel in Los Angeles, CA ordered Citigroup to pay Move.inc $8.3 million as compensation for losses on auction rate securities. The award was made after a hearing wherein the Claimants alleged that Respondents breached fiduciary duties and misrepresented the ARS. This fascinating case arose out of events in 2008 and earlier. You can read the award here. Dr. McCann testified on behalf of the Claimant.