Two of the largest brokerages and wealth advisory businesses in the US, Citi Smith Barney and Raymond James Financial Services, have won arbitration claims involving clients seeking restitution for purchase of auction rate securities, according to Investment News.

A Finra arbitration panel last month in Miami denied claims, including fraud and breach of fiduciary duty, brought against Smith Barney, or Citigroup Global Markets, by the Banco Industrial De Venezuela that totaled $118.7 million, which is the the firm's most significant win yet in ARS cases, the publication said.

The Financial Industry Regulatory Authority did not provide reasoning behind the decision, the report said.

Neither Raymond James nor Citi Smith Barney returned calls seeking details at the time of publication by Family Wealth Report today.

The market for ARS froze in February last year as the credit crunch hit a swathe of various financial instruments. Auction rate securities are long-term debt instruments issued by municipalities and other institutions with rates reset at periodical auctions. Problems with the market triggered a wave of client litigation.