A Financial Industry Regulatory Authority arbitration panel has ruled against The Police and Fire Retirement System of the City of Detroit, which was seeking at least $39.9 million from Citigroup Global Markets, Morgan Stanley Dean Witter and other firms over risky investments.

Lawyers for the retirement system and the firms either declined or could not be reached for comment. The decision comes as the retirement system is battling to protect pension benefits in Detroit’s bankruptcy proceedings.

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