Citigroup Inc. is being sued by two former brokers who invested billions of dollars in tobacco-settlement money, and who claim they were fired to protect the bank when it charged the fund excessive fees, reports
Bloomberg News.
The brokers, Peter Dunn and Alan Kirman, claim that Citigroup wrongly blamed them for overcharging the tobacco-settlement trust, which holds money paid by the major U.S. tobacco companies as part of a $206 billion settlement with 46 states in 1998.
Dunn and Kirman, in a suit filed July 17 in state court in Florida, claim they were unaware of any fee limits on the settlement money. They claim senior executives, who also were unaware of the limits, blamed them to avoid losing the account when the excessive fees were discovered.
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