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This excerpt taken from the C 8-K filed Oct 13, 2009. Derivative Actions: Eleven derivative actions have been
filed against various current and former officers and directors of Citigroup
alleging mismanagement in connection with subprime mortgage—related exposures.
Citigroup is named as a nominal defendant in these actions.
On February 5, 2008, four derivative actions filed in Delaware Chancery Court were consolidated under the caption IN RE CITIGROUP INC. SHAREHOLDER DERIVATIVE LITIGATION and lead plaintiff and counsel were appointed. On September 15, 2008, the parties stipulated to the filing of the consolidated second amended derivative complaint. Defendants filed motions to dismiss and stay the complaint on November 5, 2008. On February 24, 2009, the court dismissed every claim in the complaint except one, as to which it said that it did not have sufficient information.
On August 22, 2008, the five derivative actions filed in the Southern District of New York were consolidated under the caption IN RE CITIGROUP INC. SHAREHOLDER DERIVATIVE LITIGATION, and lead plaintiff and counsel were appointed. On November 11, 2008, plaintiffs filed a consolidated complaint, which alleges federal securities fraud and state law violations. Defendants filed a motion to dismiss the complaint on December 23, 2008.
Two derivative actions filed in New York state court have been stayed by stipulation between the parties.
This excerpt taken from the C 8-K filed Jan 23, 2009. Derivative Actions: Eleven derivative actions have been filed
against various current and former officers and directors of the Company
alleging mismanagement in connection with subprime-mortgage-related exposures.
The Company is named as a nominal defendant in these actions. In addition to
state law claims, such as breach of fiduciary duty, several of these actions
also purport to assert derivative claims for violations of Section 10(b) of
the Securities Exchange Act. Five of these actions were filed in the Southern
District of New York, and the others were filed in Delaware Chancery Court and
New York Supreme Court. Several plaintiffs have filed motions to consolidate
the federal actions and for appointment of lead counsel, which remain pending.
This excerpt taken from the C 8-K filed Aug 14, 2008. Derivative
Actions: Eleven
derivative actions have been filed against various current and former officers
and directors of the Company alleging mismanagement in connection with
subprime-mortgage-related exposures. The Company is named as a nominal
defendant in these actions. In addition to state law claims, such as breach of
fiduciary duty, several of these actions also purport to assert derivative
claims for violations of Section 10(b) of the Securities Exchange
Act. Five of these actions were filed in the Southern District of New York, and
the others were filed in Delaware Chancery Court and New York Supreme Court.
Several plaintiffs have filed motions to consolidate the federal actions and
for appointment of lead counsel, which remain pending.
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