Citigroup pays for analyst's goof
Citigroup (NYSE: C) analysts sent out a research note in October 2007 that contained some inaccurate information about a Greek steel company, which decided to sue Citigroup Global Markets. The drama came to a head in London, where Citigroup admitted its mistakes and agreed to pay the company for damages and fees. Such court clashes are rare. A company more likely would be able to prevail upon the analyst to correct the information in a follow-up note. But this is worth thinking about from a stock research quality assurance point of view. Article
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