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Remedies Keyed to Tabb, 8th
Citigroup Global Markets, Inc. v. VCG Special Opportunities Master Fund Ltd.
Citation:
598 F.3d 30 (2010)Facts
On July 17, 2006, VCG entered into a brokerage services agreement with CGMI for prime brokerage services involving clearing and settling trades in fixed income securities. VCG subsequently entered into a credit default swap agreement with Citibank, a sister-affiliate of CGMI under Citigroup, Inc. VCG alleged that CGMI acted as middleman in these transactions. When Citibank declared a writedown triggering VCG’s $10 million payment obligation, VCG sued Citibank and lost. VCG then initiated FINRA arbitration against CGMI. CGMI contested whether VCG was its “customer” under FINRA rules, presenting evidence that the individuals VCG identified as CGMI contacts were actually acting as Citibank agents, though formally employed by CGMI.
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