A FINRA arbitration panel has ordered Citigroup Global Markets to pay $54 million including compensatory and punitive damages to investors in its municipal arbitrage trust funds.

FINRA’s award marks the largest to date related to the municipal arbitrage trust, or MAT, and other municipal bond funds, according to Philip Aidikoff, partner at Beverly Hills, Calif.-based law firm Aidikoff, Uhl & Bakhtiari, who represented the claimants.

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