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Citizens Bank settles annuity case

Elderly customers to receive refund; bank to pay $3m fine

By Andrew Caffrey
Globe Staff / July 23, 2005

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Citizens Financial Group agreed to offer refunds to all its elderly customers who bought variable annuities in the last two years, becoming the second financial firm in two weeks to concede to Massachusetts regulators that such investments may not have been appropriate to sell to senior citizens. (Full article: 665 words)

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