NY AG says Citi unit to return $16 mln overcharged fees to consumers

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Citigroup Global Markets, a unit of Citigroup, has agreed to reimburse about $16 million to more than 31,000 customers, who were overcharged for advisory fees, the New York Attorney General said.

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As per the agreement, some of the customers have already started to receive their refunds, Attorney General Eric Schneiderman said in a statement on Thursday.

The investigation is still continuing to determine if more customers were overcharged. CGMI is also conducting a wider review to identify the same, the statement said.

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