Citigroup Subsidiary Fined $1 Million Linked to Overcharge Fees
January 12 2017 - 4:07PM
Dow Jones News
By Ezequiel Minaya
The office of New York Attorney General Eric Schneiderman said
Thursday that a subsidiary of Citigroup will pay a $1 million fine
linked to allegations the division overcharged customers more than
$22.5 million in account management fees.
New York authorities said that at the conclusion of a four-year
investigation they found some 47,000 customers were overcharged by
Citigroup Global Markets, Inc. Mr. Schneiderman said that along
with the fine, the subsidiary will have to report "fee overcharge
issues" to his office for the next three years.
The Citigroup segment began repaying the overcharged fees in
2014, it has revised its policies and has also admitted the
findings of investigators, Mr. Schneiderman said in a statement. An
agreement was first struck in October of 2014.
A spokesman for Citigroup said the company was happy to have the
matter resolved.
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
(END) Dow Jones Newswires
January 12, 2017 15:52 ET (20:52 GMT)
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