Citigroup has agreed to refund $4.5 million to global markets customers who were charged excessive fees and did not receive appropriate rebates.

It reached the agreement with New York Attorney General Eric Schneiderman, whose office had investigated the matter.

Citigroup's global markets unit overcharged more than 15,000 investment customers for account inactivity. The fees should not have been charged, according to Schneiderman's office.

Citigroup had previously agreed to return $16 million in principal and interest to 31,000 customers.

A review of the Citigroup matter revealed that thousands of customers who were overcharged during periods of inactivity were not given rebates, either because they did not request a rebate or because Citi did not have procedures in place to determine who should receive a refund.

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