[New York] Attorney General Eric T. Schneiderman announced Thursday the resolution of a four-year investigation of a Citigroup subsidiary that had overcharged over 47,000 of its customers more than $22.5 million in fees.
After the Attorney General’s Office launched its investigation, Citigroup Global Markets, Inc revised its policies and procedures to address the fee overcharge issues uncovered in the investigation, and as a part of the agreement announced today, CGMI admits the findings of Schneiderman’s investigation, the AG said.
The investigation began in 2012 after a complaint from a Westchester resident led the Attorney General’s Office to investigate fee overcharge issues at CGMI. The company began reimbursing 31,000 customers in full with interest for the overcharged fees back in 2014, while uncovering still more who had been overcharged — another 16,000 customers.
The full article is here.
The NY Attorney general's press release is here.