FINRA has said that Citigroup Inc. (NYSE:C) must pay $24 million to advisors after a breach of contract.

Citigroup Inc. (NYSE:C) Hit With $24m Fine Payment

The Financial Industry Regulatory Authority (FINRA) has ruled that Citigroup Inc. (NYSE:C) has to pay $24 million to financial advisors and their assistants in a breach of contract case filed by James Bryan Minchello and Ryan Minchello in 2009.

They said that the bank failed to pay compensation for certain transactions and demanded $234 million.

FINRA ruled that the bank must pay $15.8 million in compensation, $1 million in sanctions and around $7 million in interest.

Citigroup Inc. (NYSE:C) spokeswoman said, “We are disappointed with this outcome and disagree with the decision”.

Citigroup Inc. (NYSE:C) stocks are currently standing at 29.85.

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