Thursday, January 20, 2011

Oppenheimer Loses $18M Raiding Case Against Citigroup/Oppenheimer Downgrades Citi (C)

From the Wall Street Journal:
Oppenheimer & Co. (OPY) has lost an eight-year-old feud in which it sought $18 million from Citigroup Inc. (C) for allegedly enticing nine of its top financial advisers to leave.

A Financial Industry Regulatory Authority arbitration panel disagreed with Oppenheimer's arguments that Citigroup illegally raided its brokerage business in 2003, shortly after it was sold to Fahnestock Viner Holdings. Fahnestock later became Oppenheimer Holdings Inc., following a name-change.... 
And from American Banking News:

 Citigroup (NYSE: C) Earnings Estimates Cut by Oppenheimer (NYSE: OPY) Analysts
Equities research analysts at Oppenheimer (NYSE: OPY) lowered their earnings per share estimates on shares of Citigroup (NYSE: C) in a research note to clients and investors on Wednesday. The analysts currently have an “outperform” rating and a $5.50 price target on the stock....
See also:
Citigroup Poaches Nomura Energy Analysts, Nomura Retaliates by Initiating Coverage of Citi with a "BUY" (C; GS; MS; JPM)