Citi Pays Overcharged Customers $23M After NY AG Probe

Law360, New York (January 12, 2017, 3:36 PM EST) — New York Attorney General Eric Schneiderman on Thursday closed the book on a four-year investigation into a Citigroup subsidiary that revealed over 47,000 customers were overcharged by more than $22.5 million in fees on their managed investment accounts.

The agreement additionally requires the company to hand the New York attorney general’s office detailed quarterly reports on any fee overcharging issues that arise over the next three years. (AP) Citigroup Global Markets Inc. admitted in the deal that it had overcharged customers who negotiated discounted fee rates…

Source: Law360

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