A grand-slam judgment last month has emboldened the lawyers and investors seeking to recoup losses on $2 billion in municipal arbitrage funds run by Citigroup.

On Aug. 2, an arbitration panel convened in Boca Raton, Fla., by the Financial Industry Regulatory Authority ordered Citi to pay $1.8 million to the Gerald J. Kamza Revocable Trust and Amzak Capital Management — apparently the biggest such award of the six issued against the bank’s muni arbitrage funds so far.

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