Citigroup to pay $11.5 million over wrong stock ratings
Citigroup will pay $11.5 million to resolve claims that a Citigroup brokerage unit showed wrong stock ratings on hundreds of stocks for about 5 years, according to US self-regulatory organisation FINRA. The unit showed wrong ratings, like "buy" instead of "sell", to brokers and customers. The inaccurate ratings affected 1,800 equity securities, representing over 38% of those covered by Citigroup.