Citigroup has stopped investor redemptions in its London based hedge fund, CSO Partners.
"The bank has suspended investor withdrawals on the heels of Citigroup providing $100 million to stabilize the fund last month amid significant losses,'' said attorney Steven Caruso of Maddox, Hargett & Caruso, P.C. "CSO Partners hedge fund investors may have a variety of remedies that they should discuss with qualified counsel.''
Longtime fund manager, John Pickett, has left the fund following a bitter dispute with Citigroup executives and complaints from investors that the manager over concentrated the fund into a single investment that went bad.
"We believe that the outsized position taken by fund managers may have exceeded Citigroup internal trading limits and may demonstrate a failure by Citigroup to closely supervise and monitor Mr. Pickett's trading activities,'' added Ryan Bakhtiari of Aidikoff, Uhl & Bakhtiari.
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