Boston Couple Wins $2.41 Million Against Citigroup Inc.
A couple from Boston has won over $2 million in damages for biased analyst research with regards to stock investments. Joseph and Beverley Salerno won $2.41 million in damages from the Citigroup Inc. and analyst Jack Grubman because of his recommendations regarding the WorldCom Inc. stock, based on which the couple claims to have invested over a million dollars.The Salernos state that based on Grubman’s recommendations they invested $1.2 million in WorldCom stock between 1998 and 2000. They added that although the stock of the telecommunications company was declining, Grubman continued to display enthusiasm and urge them to hold on to the investment, which they did because of his recommendations to do so.
In July 2002, WorldCom filed for bankruptcy court protection, and last year came back under the name MCI Inc. A lawyer for the couple stated: "They were relying on Grubman's research reports. Even when the stock was heading down, it was portrayed as an opportunity to buy more."
A spokesperson for CitiGroup stated: "We're disappointed with the decision. It's inconsistent with other similar cases." The Salernos won over $900,000 in damages and one and a half million in punitive damages from the group.
Topic Added November 25th, 2005
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