The Securities Law Firm of Klayman & Toskes, P.A. announces that New York’s Attorney General Andrew Cuomo reached a “landmark, multi-billion dollar agreement with Citigroup Global Markets, Inc. and Citi Smith Barney (collectively, “Citigroup”) to settle allegations that Citigroup was making material misrepresentations in its marketing and sales of auction rate securities.”
As part of the settlement, Citigroup agreed to “consent to a special, public arbitration process to resolve claims of consequential damages suffered by retail investors as a result of not being able to access their funds.” Accordingly, Klayman & Toskes will be representing investors in arbitration proceedings against Citigroup in order to assist them in recovering consequential damages incurred as a result of purchasing auction rate securities from Citigroup.
While a settlement has been reached between Attorney General Cuomo’s office and Citigroup, a class action lawsuit against the brokerage firm, case number 1:08-cv-03095, is still pending in the United States District Court for the Southern District of New York. Further, Klayman & Toskes will continue to file arbitration claims with the Financial Industry Regulatory Authority (“FINRA”), against major Wall Street brokerage firms, including Citigroup, for unsuitable recommendations and consequential damages. Since the auction rate securities crisis began in February of 2008, Klayman & Toskes has filed numerous claims on behalf of investors who no longer have access to money frozen in auction rate securities.
The attorneys at the Law Firm of Klayman & Toskes are dedicated to aggressively pursuing claims on behalf of investors who purchased auction rate securities from Citigroup. Klayman & Toskes, an experienced, qualified and nationally recognized securities litigation law firm, practices exclusively in the field of securities arbitration and litigation. It continues its representation of investors throughout the world in securities arbitration and litigation matters against major Wall Street brokerage firms.