The Miami Herald reports that for the first time, two investors have prevailed directly against former Citigroup telecommunications analyst Jack Grubman (as well as the company) in NASD arbitration hearings alleging flawed and conflicted research. The amounts of the awards--$23,000 and $205,000--are relatively minor. According to the article, the $205,000 award was issued jointly against Grubman and Citigroup, and Grubman was ordered to pay only a quarter of the $23,000 award, plus attorneys fees (total: $7,000). A copy of the $205,000 award is available here.

The article further notes that under Grubman's severance agreement with Citigroup, the firm must pay "without limitation" all his legal costs, and that it remains unclear whether Grubman actually will pay any money in these proceedings.