Citi pays US$18 mil. for questionable practice

Citigroup will make refunds to the 53,000 customers affected, and pay US$3.5 million in damages and civil penalties to the state of California, which had been investigating the questionable practices for three years, the attorney general said.

The bank will also pay 10 percent interest to California customers, who accounted for US$1.6 million of the money “swept” out of accounts and into a Citi fund between 1992 and 2003.

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