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Business Briefing / Investing

Citi overstated Euro fund values

February 14, 2009|Times Wire Reports

Citigroup Inc. told U.S. clients of four European property funds that a currency-conversion error caused it to overstate the value of their investments at the end of 2008 by about 29%.

An "operational error" overvalued the euro-denominated funds' returns to clients with dollar-denominated accounts, New York-based Citigroup said in a letter to investors.

The account values were to be corrected this month.

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