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This excerpt taken from the C 8-K filed Oct 13, 2009. ERISA Actions: Fourteen putative class actions have
been filed in the Southern District of New York asserting claims under the
Employee Retirement Income Security Act (“ERISA”) against Citigroup and certain
Citigroup employees alleged to have served as ERISA plan fiduciaries. On January 22,
2008, 13 of these actions were consolidated under the caption IN RE CITIGROUP
ERISA LITIGATION, and lead plaintiff and counsel were appointed. On December 16,
2008, the fourteenth action was consolidated into this litigation.
On September 15, 2008, plaintiffs filed a consolidated amended complaint on behalf of a purported class of participants in Citigroup-sponsored ERISA plans from January 1, 2007 through January 15, 2008. The complaint alleges that defendants offered Citigroup’s common stock as an investment option in the Company’s 401(k) plans when it was no longer prudent to do so, and that defendants failed adequately to disclose Citigroup’s subprime exposure to ERISA plan beneficiaries. Defendants filed a motion to dismiss the complaint on November 21, 2008.
This excerpt taken from the C 8-K filed Jan 23, 2009. ERISA Actions: Thirteen putative class actions have been
filed in the Southern District of New York asserting claims under the Employee
Retirement Income Security Act (“ERISA”) against the Company and certain
Company employees alleged to have served as ERISA plan fiduciaries. These
complaints allege that defendants improperly allowed participants in Citigroup’s
401(k) Plan to invest in the Company’s common stock, notwithstanding that
they knew or should have known that the Company’s stock price was artificially
inflated, and that defendants failed adequately to
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disclose the Company’s subprime exposure to the Plan beneficiaries. On January 22, 2008, these thirteen actions were consolidated by the Court, and interim lead plaintiff and counsel were appointed.
This excerpt taken from the C 8-K filed Aug 14, 2008. ERISA
Actions: Thirteen
putative class actions have been filed in the Southern District of New York
asserting claims under the Employee Retirement Income Security Act (“ERISA”)
against the Company and certain Company employees alleged to have served as
ERISA plan fiduciaries. These complaints allege that defendants improperly
allowed participants in Citigroup’s 401(k) Plan to invest in the Company’s
common stock, notwithstanding that they knew or should have known that the
Company’s stock price was artificially inflated, and that defendants failed
adequately to
96
disclose the Company’s subprime exposure to the Plan beneficiaries. On January 22, 2008, these thirteen actions were consolidated by the Court, and interim lead plaintiff and counsel were appointed.
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