3 Financial Stock Stories To End The Trading Week

Citigroup (NYSE:C): Current price $46.81

On Thursday, Citigroup’s board declared a quarterly dividend on the firm’s common stock of 1 cent per share, payable on May 24 to stockholders of record on May 6. In addition, the board okayed a $1.2 billion common stock buyback program to last through the first quarter of 2014. As previously reported, the repurchase program formed part of the planned capital actions included by Citi in its 2013 Comprehensive Capital Analysis and Review.

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C

UBS (NYSE:UBS): Current price $16.49

The Securities Arbitration Law Firm of Klayman & Toskes has said that it is investigating claims of UBS Financial Services customers who bought the UBS Willow Fund, which is a private hedge fund formed in 2000. Last October, investors were told that the Fund would be liquidated, though many investors had been advised that it was a safe, low risk product, and the Fund has declined by approximately 80 percent. K&T is examining whether UBS sufficiently disclosed the risks connected with the Willow Fund, along with whether investors’ portfolios were over-concentrated in the Fund. However, the individual brokers and advisors who sold the Willow Fund are not the subjects of the inquiry, rather, K&T is exploring UBS’s conduct regarding its marketing of the Fund to its customers.

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UBS

American International Group (NYSE:AIG): Current price $41

The attorney general of New York is dropping a claim for damages in the civil lawsuit accusing the former chief executive of AIG Maurice “Hank” Greenberg, of defrauding investors, said a letter sent by the attorney general’s office on Thursday. The 2005 lawsuit brought by the former Attorney General Eliot Spitzer against Greenberg and former AIG chief financial officer Howard Smith, sought up to $6 billion in damages. In a letter dated April 25, to the New York Court of Appeals, New York Solicitor General Barbara Underwood wrote that New York would still pursue the civil fraud case against the defendants but would not seek damages, so as “to avoid further delay and expedite the trial of the state action.”

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AIG

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