Citigroup (C)

California Employment Actions

        Without admitting any liability, CGMI has reached an agreement in principle to a nationwide settlement for up to approximately $100 million of various class actions asserting violations of state and federal laws relating to overtime and violations of various state laws relating to alleged unlawful payroll deductions. The settlement, which is subject to court approval, is covered by existing reserves.

California Employment Actions

        Numerous financial services firms, including Citigroup and its affiliates, have been named in purported class actions alleging that certain present and former employees in California were entitled to overtime pay under California and federal law and were subject to certain allegedly unlawful deductions in violation of California law. One of these class actions filed in the United States District Court for the Northern District of California, BAHRAMIPOUR v. CITIGROUP GLOBAL MARKETS INC., is seeking damages and injunctive relief. Similar complaints have been filed in other jurisdictions. In addition, complaints asserting similar allegations were filed in the United States District Court, Southern District of New York and the United States District Court for the District of New Jersey.

California Employment Actions

        Numerous financial services firms, including Citigroup and its affiliates, have been named in purported class actions alleging that certain present and former employees in California were entitled to overtime pay under California and federal law and were subject to certain allegedly unlawful deductions in violation of California law. A mediation was held this quarter in one of these class actions seeking damages and injunctive relief, BAHRAMIPOUR v. CITIGROUP GLOBAL MARKETS INC., filed in the United States District Court for the Northern District of California.