NEW YORK, July 8, 2008 (PRIME NEWSWIRE) -- Avelino & Associates, P.C. and Napoli Bern Ripka, LLP announced that the firms have filed a FINRA arbitration on behalf of an investor of Citigroup's MAT Five Fund.
Avelino & Associates, P.C. continues investigating loses in the MAT Five Fund and the Asta and Falcon Funds, which were managed in a similar manner.
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, a partner at Avelino & Associates, P.C., 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 that exact 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 millions of dollars for investors. Our 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.