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CORRECTED-Citigroup to pay $10.75 mln in arbitration
August 1, 2013 / 8:41 PM / 4 years ago

CORRECTED-Citigroup to pay $10.75 mln in arbitration

(Corrects paragraphs 1-2 to show ruling made by FINRA arbitration panel, not FINRA; adds explanatory paragraph 3 to show arbitration set up; corrects paragraph 4 to ...recently retired from Morgan Stanley, not currently employed with Morgan Stanley)

Aug 1 (Reuters) - Citigroup Inc was ordered to pay $10.75 million to a former customer over losses from investments in Royal Bank of Scotland Group PLC, which was bailed out after 2008 financial crash, a securities arbitration panel ruled.

A Financial Industry Regulatory Authority arbitration panel also ordered Edward Mulcahy, a former Citigroup broker, to pay $250,000 to the investor, John Leopoldo Fiorilla, according to a July 30 ruling.

FINRA, Wall Street’s industry-funded watchdog, runs arbitration unit that typically hears disputes between investors and their brokerages.

Mulcahy left the New York based lender in 2009. He recently retired from Morgan Stanley.

FINRA did not release details of how the panel came to its ruling, as is typical of securities arbitration decisions. (Reporting By Neha Dimri in Bangalore)

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