NEW YORK, July 10, 2008 (PRIME NEWSWIRE) -- Avelino & Associates, P.C. and Napoli Bern Ripka, LLP announced that the firms have filed another FINRA arbitration on behalf of an investor of Citigroup's MAT Five Fund, one day before the tender offer deadline.
Many investors of the MAT Funds have been given a tender offer by Citigroup in exchange for a release of all legal claims. However, investors of the MAT Funds should cautiously study such offers, and are strongly encouraged to consider all of their legal rights before agreeing to accept any offers from Citigroup.
According to Vincent J. Imbesi, a partner at Avelino & Associates, P.C., "The fact that Citigroup issued the tender offer so soon raises suspicion and substantiates the fact that Citigroup understands its exposure and liability in connection with management of the MAT Five Fund." To date, the MAT Five Fund has lost approximately 90% of its original value. Mr. Imbesi urges all purchasers of the MAT Five Fund to review the tender offer with an attorney, to explore alternative legal options.
A class action lawsuit has been filed against Citigroup Global Markets, Inc. ("Citigroup") (NYSE:C) and other related parties in the United States District Court for the Southern District of New York on behalf of purchasers of MAT Five, LLC ("MAT Five"), Case No. 08-CV-4152.
The firms believe investors will achieve better results on their claims through individual arbitration claims rather than through the class action process.
The Statement of Claim alleges that Citigroup misrepresented and omitted material information in the Funds' registration statements and prospectuses concerning the nature and extent of the Funds' and its resulting exposure to the subprime mortgage market.
According to Vincent J. Imbesi, and a member of PIABA, a bar association for attorneys who limit their practice to representing investors in FINRA arbitration, "Representatives employed by Citigroup marketed the funds to investors as an alternative to money market funds. Investors thought they were purchasing safe, conservative funds. They received the opposite."
Investors who purchased any of the MAT Five fund can get more information by visiting http://www.avelinolaw.com. Investors can obtain a free legal consultation by contacting Vincent J. Imbesi at 1-(866) 732-2775.
Combined, the law firms of Avelino & Associates and Napoli Bern Ripka have recovered over One Billion Dollars ($1,000,000,000) for its clients. The firms' attorneys have represented hundreds of investors in FINRA arbitrations. No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers.