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Broker Wins Citigroup MAT 5 Expungement

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Aug 9, 2010 11:34 am
  Citigroup's MAT Five Headache Continues -- but not for the stockbroker here.

In a Statement of Claim filed in June 2009, Claimant Curtis Pilot asserted various causes of action including fraud, misrepresentation, suitability, and breach of fiduciary duty in relation to his investment in the MAT Five Investment Funds.Claimant sought $4,000,000 in compensatory damages plus interest and costs; and he also sought $4,000,000 in punitive damages. In the Matter of the Arbitration Between Curtis Pilot, Claimant, versus Citigroup Global Markets, Inc., Salomon Smith Barney, Morgan Stanley Smith Barney, and Webb Hutchings Radcliff, Respondents. (FINRA Arbitraion #09-03614, August 2, 2010).

Respondents generally denied the allegations and sought dismissal of the claim.  In April 2010, the parties reached a settlement.

As part of the settlement negotiations, Respondent Radcliff was dismissed with prejudice.  According to the FINRA Arbitration decision:

[T]he matter was resolved as it was a "product issue" relating to the performance and management of MAT 5 and not related to sales practice conduct attributed to Respondent Radcliff . . .