Citigroup's Corporate Special Opportunities hedge fund is returning only 3 cents on the dollar to investors, underscoring the depths of the difficulties at the alternative investment unit once headed by the bank's current chief executive, Vikram Pandit.
The amount being returned is less than had been expected when the company decided to wind up the fund last year and came as bruising news for investors who had been prevented from withdrawing their money since January 2008.
