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This excerpt taken from the C 8-K filed Oct 13, 2009. Metromedia Fiber Network. Beginning in 2002, Citigroup, CGMI and certain
executive officers and current and former employees were named as defendants in
a series of putative class action lawsuits, alleging violations of the federal
securities laws, including Sections 10 and 20 of the Securities Exchange Act of
1934 in connection with Citigroup research analyst reports. One of these
actions, involving Metromedia Fiber Network, Inc. (“MFN”), IN RE SALOMON
ANALYST METROMEDIA LITIGATION, was brought in the United States District Court
for the Southern District of New York. On January 6, 2005, the District
Court granted in part and denied in part Citigroup’s motion to dismiss the claims
against it. On June 20, 2006, the District Court certified the plaintiff
class in the MFN action. On September 30, 2008, the District Court’s class
certification decision was vacated on appeal by the United States Court of
Appeals for the Second Circuit. On October 1, 2008, the parties reached a
settlement that was preliminarily approved by the District Court on November 19,
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2008. The amount to be paid to settle this action is covered by existing Citigroup litigation reserves.
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