NEW YORK (Reuters) - Citigroup Global Markets Inc, a unit of Citigroup Inc, has resolved a four-year investigation of fee overcharges, the New York attorney general said on Thursday.
The investigation revealed that CGMI overcharged over 47,000 customers more than $22.5 million in fees, New York Attorney General Eric Schneiderman said in a statement.
Reuters reported in 2015 that, as a result of the probe, Citigroup had agreed to return more than $20 million to customers who paid higher advisory fees than they had negotiated, or did not receive rebates when their accounts were frozen.
In the agreement announced by Schneiderman's office on Thursday, Citigroup agreed to pay a $1 million penalty and to report overcharge issues to the office for the next three years.
- PHOTOS: New art and old relics at Mickey Mouse's NYC gallery 25 Pictures
- PHOTOS: See Yes on 3 supporters react to historic transgender rights Question 3 win 11 Pictures
- PHOTOS: A look back at Queen performing in the 1970s and 1980s 22 Pictures
- All of these celebrities have had their nudes leaked 35 Pictures
- PHOTOS: A look at Idris Elba's style through the years 20 Pictures
- PHOTOS: Heidi Klum's annual Halloween party and other amazing celebrity costumes 17 Pictures
- These are the spookiest cities per capita in the U.S. 5 Pictures
- Food Network star talks pumpkin carving 1 Pictures
- Who is Alexander Edwards, Amber Rose's new boyfriend? 9 Pictures
- Is Cardi B pregnant again? This tweet has people guessing 6 Pictures
- Natural Museum's best wildlife photos of the year 5 Pictures
"We are pleased to have this matter resolved," Citigroup spokeswoman Danielle Romero-Apsilos said in an email.
(Reporting By Karen Freifeld; Editing by Alan Crosby)