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  • Citigroup Inc. (NYSE:C) - Citibank Sued For $80 million by Former Employees

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    Citigroup Inc
    Tuesday September 7, 2010 at 08:32 pm EST
    Citigroup Inc. (NYSE:C) - Former Employees Filed Lawsuit
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    Citigroup Inc. (NYSE:C) [Citibank] has been Sued by former employees for failing to invest money from a heiress' fund properly.
    New York Post reported that a $3 million fund was established around 70 years back for reclusive Manhattan copper heiress Huguette Clark and the complaint is that the trust is still valued at $3 million because the money wasn't invested right by Citibank. The money was supposedly completely kept in bonds for decades to earn just enough for Clark to live on but the fund value stayed same. Former Citigroup Inc. (NYSE:C) trust officers John Cullen and Veronica Juliano filed the lawsuit against Citibank saying the Bank owes her around $80 million.
    "Citigroup Inc. (NYSE:C) has acted appropriately in carrying out our fiduciary responsibilities in this matter and the allegations first made several years ago by a former employee are entirely baseless." a Citi Spokesman said.
    The Fund was set up by the Ms Clark's mother, Anna, in 1926, after the death of Ms Clark's father, US Senator William Clark.

    Shares of Citigroup Inc. (NYSE:C) stock closed at $3.83 on Friday at a strong resistance of $3.88. The support levels below that at $3.77 and $3.42 which are very weak. Resistance levels for Citigroup inc. -  $4, $4.21 and $4.42.
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