Salomon Smith Barney Fraud Lawsuit

News just got worse for Salomon Smith Barney. Following the record settling $1.4 billion global settlement in April 2003, Salomon Smith Barney stock fraud lawsuits were filed. Now, Salomon Smith Barney stock fraud lawsuits are underway and now Salomon’s parent company, Citibank is one of two banking firms to be named in a lawsuit seeking $500 million.

Salomon Smith Barney was one of three investment firms to settle a fraud case following the global settlement agreement for giving biased stock advice. Investors felt victimized and filed Salomon Smith Barney stock fraud lawsuits in hopes of recovering lost investments. Jack Grubman, a former star analyst for Salomon Smith Barney, was charged with issuing fraudulent research reports and paid $15 million to settle it. The involvement one of the largest U.S. investment firms has had in fraudulent practices has been responsible for a loss of investor confidence and Salomon Smith Barney stock fraud lawsuits.

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