Banker faces $16m lawsuit

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The Times
By James Doran



THOMAS JONES, the former chief executive of Citigroup’s investment management arm, faces a civil action over an alleged $16 million (£8.8 million) mutual fund fee scandal.

Mr Jones and two unnamed Citigroup executives have been informed by the Securities and Exchange Commission that an action may soon be filed after an 11-month investigation into a business deal between Citigroup and First Data Corporation, a company that provided shareholder tracking services.

Last November it was revealed that a $16 million payment to Citigroup by First Data had not been passed on to the bank’s mutual funds, as it should have been.

The payment is understood to be legal and First Data is not implicated in the case.

More:
http://www.timesonline.co.uk/newspaper/0,,175-1324170,00.html

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1. I Can't Access That Webpage Without a Paid Subscription

and I'm basically cheap by nature. I've used Yahoo & Google searches, but this story hasn't made it to either one yet. Should you happen to find this story in another media outlet, please post a link to it. I'll look all the same. From what's available in the snippet you posted, it's more inclusive than anything available elsewhere.

[54anickel]

2. Posted this one yesterday in the SMW thread

http://quote.bloomberg.com/apps/news?pid=10000103&sid=a8puObt0zXeE&refer=us

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3. Thanks!

:toast:

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4. Duplicate

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=924757