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Remedies Keyed to Kovacic-Fleischer, 8th
Citigroup Global Markets, Inc. v. VCG Special Opportunities Master Fund Ltd.
Citation:
598 F.3d 30 (2010)Facts
VCG Special Opportunities Master Fund Limited, a hedge fund based on the Isle of Jersey, entered into a brokerage services agreement with CGMI on July 17, 2006, under which CGMI was obligated to provide prime brokerage services by clearing and settling trades in fixed income securities for VCG. VCG then entered into a credit default swap agreement with Citibank, N.A., a sister-affiliate of CGMI under the Citigroup corporate umbrella. VCG alleged it was a customer of CGMI, which allegedly acted as middleman with respect to the series of transactions culminating in the credit default swap agreement with Citibank. After Citibank declared a writedown of the assets covered in the swap agreement, triggering VCG’s obligation to pay Citibank ten million dollars, VCG sued Citibank and initiated FINRA arbitration against CGMI. CGMI contested the arbitration, arguing VCG was not its customer for the swap transaction and that the employees VCG dealt with were acting as Citibank agents despite being formally employed by CGMI.
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