January 29, 2003 |
Citigroup Inc., the world's largest financial services company, must defend allegations of biased analyst research in nine separate investor lawsuits instead of just one, a federal judge in New York ruled on Tuesday. Shareholders of WorldCom Inc., Global Crossing Ltd., AT&T Corp. and six other companies sued the bank's Salomon Smith Barney unit, alleging analysts had artificially boosted the value of nine technology stocks to gain investment-banking business. Some investors asked U.S.
January 25, 2003 |
Citigroup Inc. Chairman and Chief Executive Sanford I. Weill has been ordered to give a deposition in a class-action lawsuit brought against Citigroup's Salomon Smith Barney unit by former brokers. The brokers claim that Weill was directly involved in introducing a 1990 plan at what was then called Smith Barney in which brokers contributed part of their commissions into a deferred compensation fund. The brokers say the money was never repaid.
December 14, 2002 |
Salomon Smith Barney Inc., a unit of Citigroup Inc., was ordered to pay almost $3.2 million to a female employee for sexual discrimination. An arbitration panel ruled that the securities firm must pay Tameron Keyes about $1.5 million in punitive damages and about $1.5 million in compensatory damages as well as $150,000 for emotional distress, said Marvin Krakow, Keyes' lawyer. Keyes, who could not be reached for comment, works as a stockbroker in Salomon's Beverly Hills office, Krakow said.
November 14, 2002 |
A Yorba Linda couple who allege that Salomon Smith Barney lost $100,000 of their retirement money by making risky technology investments will ask a state court judge today to hear their case, which has been sidetracked by the ongoing dispute over how securities complaints are handled in California.
September 26, 2002 |
Salomon Smith Barney, beset by high-profile financial scandals, will propose on Friday a detailed settlement offer to federal regulators that will include a large fine and structural reform, sources said Wednesday.
September 24, 2002 |
Salomon Smith Barney agreed Monday to pay a $5-million fine to settle civil charges by the National Assn. of Securities Dealers that its former analyst Jack Grubman touted a telecom stock despite signs that the company was in severe financial trouble. The NASD also brought a similar complaint against Grubman and his assistant, analyst Christine Gochuico.