{"id":5491,"date":"2013-08-07T00:00:00","date_gmt":"2013-08-07T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2013\/08\/citigroup_must_pay_11m_claiman"},"modified":"2022-05-04T15:02:18","modified_gmt":"2022-05-04T20:02:18","slug":"citigroup-must-pay-11m-claiman","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/citigroup-must-pay-11m-claiman\/","title":{"rendered":"Citigroup Must Pay $11M Claimant for Royal Bank of Scotland Investment Losses, Says FINRA Arbitration Panel"},"content":{"rendered":"\n

A FINRA arbitration panel has decided that Citigroup (C) <\/a>and Edward J. Mulcahy, one of the firm\u2019s ex-branch managers, has to pay $11 million to investor John Fiorilla. Fiorilla is a legal adviser to the Holy See who went to Citigroup because he wanted to de-risk a $16 million stock position in Royal Bank of Scotland (RBS). <\/p>\n

According to the claimant, he asked Citigroup to employ derivatives to assist in hedging his position against losses but the firm did not fulfill the request. When the market failed in 2008 his account suffered over $15 million in losses. <\/p>\n

Fiorilla is claiming breach of contract, failure to control and supervise, breach of fiduciary duty, gross negligence, negligence, and other violations. His claim against Mulcahy is over an alleged failure to supervise.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

A FINRA arbitration panel has decided that Citigroup (C) and Edward J. Mulcahy, one of the firm\u2019s ex-branch managers, has to pay $11 million to investor John Fiorilla. Fiorilla is a legal adviser to the Holy See who went to Citigroup because he wanted to de-risk a $16 million stock position in Royal Bank of […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3953,3820,3752,3739,3776],"tags":[],"class_list":["post-5491","post","type-post","status-publish","format-standard","hentry","category-arbitration-rulings","category-citigroup","category-financial-firms","category-finra","category-finra-settlements"],"yoast_head":"\nCitigroup Must Pay $11M Claimant for Royal Bank of Scotland Investment Losses, Says FINRA Arbitration Panel — Investor Lawyers Blog — August 7, 2013<\/title>\n<meta name=\"description\" content=\"A FINRA arbitration panel has decided that Citigroup (C) and Edward J. 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