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Citi ordered by panel to pay investors $54 million

An arbitration panel ordered Citigroup Inc to pay a group of investors $54.1 million for losses from municipal securities funds that cratered between 2007 and 2008, the biggest award yet involving the funds in a long series of legal claims against the bank.

Wells Fargo accused of securities fraud by state lawsuit

Attorney General Jerry Brown says customers were misled into believing that auction-rate securities were safe. Wells Fargo disputes that, and says it aided customers hit by the collapse of the market.

California today sued investment subsidiaries of Wells Fargo & Co.

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