Cit­i­group to re­turn $4.5 mil­lion more in fee over­charges

The Pak Banker - - FRONT PAGE -

NEW YORK: Cit­i­group Global Mar­kets Inc, a unit of Cit­i­group Inc, has agreed with the New York at­tor­ney gen­eral to re­turn $4.5 mil­lion in ac­count man­age­ment fees charged on some 15,000 frozen ac­counts. As a re­sult of the agree­ment, a to­tal of more than $20 mil­lion will be re­funded to Citi cus­tomers for over­charges in an in­ves­ti­ga­tion ini­ti­ated by New York At­tor­ney Gen­eral Eric Sch­nei­der­man. In Oc­to­ber, CGMI agreed re­turn some $16 mil­lion to more than 31,000 cus­tomers who paid higher ad­vi­sory fees than they had ne­go­ti­ated.

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