Carruthers v Citigroup Global Markets (SSB) - $900,000 Award
In February 2006, an NASD arbitration panel in Cleveland, OH ordered Citigroup to pay Suzanne and Joseph Carruthers $900,000. The Carruthers had alleged that SSB provided flawed and biased proposals designed to influence them to choose a more risky asset mix than they would have chosen had SSB made a full and balanced proposal. Dr. McCann testified that SSB's Consulting Group investment presentations were incomplete and biased. He also testified that the Carruthers suffered $900,000 in damages measured against a balanced portfolio of 60% stocks and 40% bonds.