WE NEED MORE OF THIS

We are unlikely to get many criminal convictions of the MOTU behind the Great Recession so civil remedies like this should be appreciated by every honest person.

UPDATE 2-Citi ordered by panel to pay investors $54 mln
Tue Apr 12, 2011 4:50pm EDT
By Joseph A. Giannone

NEW YORK, April 12 (Reuters) - An arbitration panel ordered Citigroup Inc (C.N) to pay a group of investors $54.1 million for losses from municipal securities funds that cratered between 2007 and 2008, the biggest award yet involving the funds in a long series of legal claims against the bank.

Citi marketed these funds as low-risk alternatives to a more traditional muni bond funds, but plaintiffs alleged that were misled about the risks involved in Citi's arbitrage strategy. In some cases, the marketing materials produced by the bank were found false and misleading, and in others brokers did not properly apprise clients about the risks.