NEW YORK, Aug. 27, 2010 (GLOBE NEWSWIRE) -- The Securities Law Firm of Klayman & Toskes, , announced today that it is continuing to pursue securities arbitration claims against Citigroup Global Markets, Inc. (NYSE:C) with the Financial Industry Regulatory Authority's ("FINRA") Office of Dispute Resolution, on behalf of investors who sustained losses in Smith Barney/Citi Private Bank's ASTA and MAT Funds. Following the launch of the ASTA and MAT Funds, Citigroup solicited many of its high net worth customers, including retirees, to invest in the Funds. Within its sales pitch, Citigroup represented the Funds to be fixed income products that could provide higher yields, and that the Funds were "safe" and "secure" investments, not subject to a significant amount of volatility.
According to one claim filed against Citigroup, one type of investment Citigroup promoted to its investors was municipal bond opportunities involving the arbitrage of tax-exempt and taxable bonds. These were actually very risky investments which could drop precipitously if the markets changed, or if the investments were not properly managed. In connection with the marketing of the Funds, Citigroup provided their clients with presentation materials concerning these products. However, the presentation materials are alleged to be false and misleading in that the strategy to be employed would not protect investors as suggested by the ratings of the underlying investments. Further, it is believed that Citigroup failed to implement risk management strategies to prevent the Funds' management from investing the Funds' assets in risky and speculative investments.
The attorneys at the Law Firm of Klayman & Toskes are dedicated to aggressively pursuing claims on behalf of investors who have suffered losses in Citigroup's ASTA and MAT Funds. Klayman & Toskes is also processing and/or investigating claims concerning other leveraged municipal bond arbitrage hedge funds. These include Blue River Asset Management, Aravali Fund, GEM Capital, 1861 Capital Management Funds, Rockwater Hedge Fund, LLC, Stone and Youngberg Municipal Advantage Fund, and TW Tax Advantaged Fund.
Klayman & Toskes, an experienced, qualified and nationally recognized securities litigation law firm, practices exclusively in the field of securities arbitration and litigation. It continues its representation of investors throughout the world in securities arbitration and litigation matters against major Wall Street brokerage firms. If you invested in Citigroup's ASTA or MAT Funds, or other leveraged municipal bond arbitrage hedge funds, and wish to discuss your legal options at no obligation, please contact Steven D. Toskes, Esquire or Jahan K. Manasseh, Esquire of Klayman & Toskes, P.A., at 888-997-9956, or visit us on the web at
CONTACT: Klayman & Toskes P.A. Steven D. Toskes, Esquire Jahan K. Manasseh, Esquire 888-997-9956 http://www.nasd-law.com
