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regulators
by leon on November 4, 2006

Citigroup is being sued by the Australian Securities and Investments Commission over insider trading and conflicts of interest stemming from the hours immediately before Toll Holdings (advised by Citigroup) launched a takeover bid for patrick Corporation last year. The case will be heard in the Federal Court in Sydney (that's Citigroup's Sydney headquarters in the photo, apparently the city's second tallest building) and it's scheduled to run for up to three weeks.
I covered this week's court proceedings in this piece here and there's a transcript of me explaining what the case is about on the ABC's Radio National program here.
ASIC says it has 600 pages of evidence gathered from interviews with Citigroup and Toll staff. Citigroup disputes whether all of it will be admissible. James Stevenson, SC, for ASIC, told Judge Peter Jacobson this that the regulator planned to call an expert from Australian Stock Exchange's insider trading division and that it also intends tendering a statement from Toll.
Globally, this is a significant case because it calls into question the practice of prop trading and Chinese Walls. Regulators around the world will be watching it closely.
Permalink: Citigroup lawsuit
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Mr Wong
Vote for Citigroup lawsuit:
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Rating: 8.50 out of 4 vote(s) cast.
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Response from:
Damari
(03/04/07 1:03am)
Response from:
Scott
(07/12/09 10:37am)
Back in mid-2006 I was also terminated from CitiGroup while on a disability leave. The company refused all requests for accomodation of my injuries which were work-related. Additionally, eventhough I was collecting disability payments they never completed, or provided, the necessary forms for state disability insurance. I was forced back to work after being told "if you are not ready to return now we cannot guarantee that your job will be available when you are." Exactly 30 days later, I was terminated without an interview, or explaination.
Fair Employment and Housing investigated the claim and issued a right to sue letter based on their findings. The Worker's Compensation courts of California are completely swamped now, and the case is crawling slowly to a hearing.
Fair Employment and Housing investigated the claim and issued a right to sue letter based on their findings. The Worker's Compensation courts of California are completely swamped now, and the case is crawling slowly to a hearing.
Response from:
IndianPad
Sox First: Citigroup lawsuit posted at IndianPad.com
Response from:
Pencil in March 26. That’s the date when Citigroup is being sued for insider trading and failing to manage its conflicts of interest.
Response from:
news.fatpitchfinancials.com
Pencil in March 26. Thats the date when Citigroup is being sued for insider trading and failing to manage its conflicts of interest.
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Please help us if you can along with the Senator
To: Senator Barbara Boxer, Feb. 18, 2007
Also: Jason J Chan,
1700 Montgomery Street, Suite 240
San Francisco, Ca.94111
Regarding your letter of February 5, 2007, thank you. You state that you will submit a formal inquiry to the U.S. Department of Labor (DOL) and that this may take up to 4-5 weeks. In that case I have taken the liberty to put together this binder as to hopefully speed up the process or maybe just so you have it to review.
In this binder I can show the Jeff Ursino was not fair and equal to all the employees and although others violated policy I am the only one he fired. Citibank did not follow their own policy much less that of the Ca. Labor laws and codes.
I don’t believe that Citibank has been honest with their clients as well as the DFEH and DOL.
Citibank did not submit a new statement regarding 11/15/05 to the DFEH and seem to stand behind their “ bad Information”. I worked the day they state I called in and supposedly stated that I would be out the rest of the week, not true. What else is branch 915, Jeff Ursino, Kathleen Munoz and their corporate attorneys in New York willing to lie about?
Please help us get to the truth about why Jeff really fired me. Why does Citibank stand behind Jeff and his lies and much more? The teller that left about $10,000.00 out is still working their and to my knowledge was not written up and yet this was worse for the bank than me just wanting to care for my daughter and having my doctor call in for me.
Jeff made error after error with the write ups and the firing procedure of Citibank. Why did Jeff Ursino and Citibank feel I wasn’t worthy of an exit interview? Why was I fired at home and not at my place of work? Why was I not given a verbal or informal warning as is Citibank policy?
Please go through or have someone review my notes and proof of their dishonesty. Please help us and all those wrongfully terminated by corporate America.. It is time for Corporate America ethics Reform. Senator Boxer if I had been a bad employee I would have just walked away but I wasn’t. I have letters from clients that truly appreciated me and my work and even Citibank has acknowledge that I was great for the Carmel branch, so why fire me and throw me out like yesterdays trash? Because Jeff Ursino just didn’t like me and was out to fire me from the moment he threaten me with job abandonment before I had ever missed a Saturday. Why? As I told Dr. Lowell and all the other doctors I have seen, “this just doesn’t make sense!” I have spent the past 14 months fighting for my rights, please help me and my family, we need more moms like me that want to be their for their children and teenagers are children.
I look forward to hearing from you, thank you so very much for writing back or at least someone from your office, thanks Jason J. Chan.
Sincerely,
Damari Stratford
1291 Ord Grove Ave, Seaside, Ca 93955-3119
Cell 831-236-0112 Home 831-583-9077 Fax 831-393-9464
God Bless Us All