August 24, 2015
By Jerry Cohen, Albany Bureau
Albany, NY – More than 46,000 Citigroup Global Markets, Inc. (CGMI) customers who were overcharged fees, will be repaid $20.5 million. An Attorney General’s investigation identified the overcharges as part of an ongoing review. CGMI is a subsidiary of Citigroup.
“My office will work with any financial institution that identifies and wants to correct an error that harmed its customers. In this case, Citi’s cooperation with our investigation will result in $20.5 million being refunded to tens of thousands of Citi customers in New York and elsewhere,” said New York State Attorney General Eric T. Schneiderman.
CGMI overcharged accounts and will now repay its customers for the overcharges both principal and interest. The Attorney General’s review of CGMI began in 2012 after a complaint from a Westchester resident led the Attorney General to investigate fee overcharge issues at CGMI. As a result of investigations more than $20.5 million will be repaid to more than 46,000 customers, including approximately $2 million to more than 5,600 customers in New York. The Attorney General will continue to oversee CGMI’s activities and remediation efforts.