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Citigroup to refund retail customers for investment losses: Australian regulator

SYDNEY: Citigroup will refund more than A$3 million (US$2.2 million) to retail customers in Australia who suffered losses from complex investments sold by the bank, the country’s corporate watchdog said on Monday.

The Australian Securities and Investments Commission said Citi would refund 114 customers who invested in complex fixed-income products between 2013 and 2017 and lost money.

The bank has also agreed to give customers with remaining investments in the products an opportunity to exit “without cost,” the regulator said in a statement.

A spokeswoman for Citi, which is also defending a lawsuit brought by the regulator over a 2015 capital raising, did not immediately return a request for comment.

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