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Citigroup Sued For Failing To Repay $120M In ARS

By Julie Zeveloff ( March 10, 2009, 12:00 AM EDT) -- Citigroup Global Markets Inc. has been hit with a lawsuit from two financial firms that claim the bank left them stranded with more than $120 million in illiquid auction rate securities and then failed to make good on its settlement with state regulators, under which it was to provide liquidity solutions to institutional investors....

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