Citigroup resolves four-year New York probe of overcharges

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By Karen Freifeld

<span class="articleLocation”>Citigroup Global Markets Inc, a unit of
Citigroup Inc, has resolved a four-year investigation of fee
overcharges, the New York attorney general said on Thursday.

The investigation revealed that CGMI overcharged over 47,000
customers more than $22.5 million in fees, New York Attorney
General Eric Schneiderman said in a statement.

Reuters reported in 2015 that, as a result of the probe,
Citigroup had agreed to return more than $20 million to
customers who paid higher advisory fees than they had
negotiated, or did not receive rebates when their accounts were
frozen.

In the agreement announced by Schneiderman’s office on
Thursday, Citigroup agreed to pay a $1 million penalty and to
report overcharge issues to the office for the next three years.

“We are pleased to have this matter resolved,” Citigroup
spokeswoman Danielle Romero-Apsilos said in an email.



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