Summary of the Lawsuit
This lawsuit, filed in the United States District Court for the Southern District of New York, alleges that defendants breached their fiduciary duties to the participants and beneficiaries of the Citigroup 401(k) Plan and Citibuilder 401(k) Plan for Puerto Rico.
Summary of the Claims
Plaintiffs allege that, during the Class Period, Defendants breached their fiduciary duties to Plaintiffs and the Class by failing to prudently and loyally manage the Plans and the assets of the Plans; failing to properly monitor the performance of their fiduciary appointees and remove and replace those whose performance was inadequate; failing to avoid conflicts of interest; failing to disclose necessary information to co-fiduciaries; and co-fiduciary liability. Not all claims are against every Defendant.
Class Action Allegations
This lawsuit is brought on behalf of the following persons: All persons who were participants in or beneficiaries of the Citigroup 401(k) Plan (the “Citigroup Plan”) or the Citibuilder 401(k) Plan for Puerto Rico (the “Citibuilder Plan”) (collectively, the “Plans”) at any time between January 16, 2008 and March 5, 2009 and whose accounts included investments in Citigroup stock.
Status of the Litigation
Plaintiffs filed their Second Amended Complaint on January 11, 2013. Defendants filed a motion to dismiss on March 8, 2013, to which Plaintiffs responded. On March 6, 2014, the Court ordered the Motion to Dismiss to be withdrawn pending the Supreme Court’s decision in Fifth Third Bancorp v. Dudenhoeffer, No. 12-751 (U.S.). Plaintiffs will be allowed to file a Third Consolidated Amended Complaint within three weeks of the Supreme Court’s decision in Fifth Third Bancorp.
Whom to Contact for More Information
If you are a member of the proposed class or you have information which might assist us in the prosecution of these allegations, please contact one of the following persons:
Michelle Yau, Esq. firstname.lastname@example.org
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W., Suite 500
Washington, D.C. 20005
Telephone: 888-240-0775 (Toll Free) or 202-408-4600