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This excerpt taken from the C 8-K filed Oct 13, 2009. Fannie Mae. Beginning in August 2008, Citigroup Global
Markets Inc., along with a number of other financial institutions, was named as
a defendant in eight complaints filed by shareholders of Federal National
Mortgage Association (“Fannie Mae”) in connection with the underwriting of
three offerings of Fannie Mae stock during 2007 and 2008. CGMI, along with the
other defendants, moved to dismiss three of the suits that alleged violations
of Section 12(a)(2) of the Securities Act of 1933. The remaining
actions allege violations of Section 10(b) of the Securities Exchange
Act. On January 29, 2009, the U.S. Judicial Panel on Multidistrict
Litigation heard oral argument on whether all lawsuits pending against CGMI and
several other lawsuits pending against other defendants should be consolidated.
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