Wolf Popper LLP Files ERISA Class Action Against Citigroup Inc.

    NEW YORK, Nov. 6 /PRNewswire/ -- Wolf Popper LLP has filed a lawsuit in
 U.S. District Court for the Southern District of New York on behalf of
 participants and beneficiaries of the Citigroup 401(k) Plan and the
 Citibuilder 401(k) Plan for Puerto Rico (the "Plans"), for violations of
 the federal pension law (ERISA) in connection with the loss of value in
 Citigroup stock acquired and held by present and former employees of
 Citigroup through the Plans. The goal of this litigation is to recover
 damages sustained by the participants and beneficiaries of the Plans. The
 complaint can be viewed on Wolf Popper's website or obtained from the
 Court.
     According to Marian Rosner, who represents the Plaintiff, "Citigroup's
 employees have their retirement plans in turmoil as Citigroup continued to
 acquire huge amounts of company stock for the plans even as it gambled with
 high-risk business practices. The employees now pay the price as the
 company struggles to come to grips with its exposure to the subprime market
 and the enormous undisclosed contingent liabilities with respect to
 off-balance sheet transactions."
     The complaint alleges, among other things, that Citigroup and the
 various defendants breached their fiduciary duties owed to the Plans'
 participants by: (1) failing to prudently and loyally manage the Plans'
 assets; (2) failing to provide participants with complete, accurate and
 material information concerning Citigroup's business and financial
 condition necessary for participants to make informed decisions concerning
 the prudence of directing the Plans to invest in Citigroup stock; and (3)
 failing to appoint and monitor the performance of the other fiduciaries.
 Citigroup's exposure to the subprime market and its contingent liabilities
 with respect to various off- balance sheet transaction has led to the
 resignation of Citigroup's CEO and caused the Plans to suffer well over $1
 billion in market losses.
     Wolf Popper LLP has extensive experience representing shareholders,
 including retirement plan investors, in class actions, and has successfully
 recovered billions of dollars in securities actions. If you are a current
 or former employee of Citigroup, or a subsidiary of Citigroup, who acquired
 or held Citigroup stock through the Citigroup Plans between January 1, 2007
 and the present, and you are interested in recovering losses or if you have
 information which might assist us in the investigation of these
 allegations, you may contact attorneys Andrew Lencyk, James
 Kelly-Kowlowitz, or Marian Rosner toll free at 877/370-7703, or via email
 at irrep@wolfpopper.com.' target='_blank' title='irrep@wolfpopper.com.'>irrep@wolfpopper.com.
               CONTACT: Wolf Popper LLP * James Kelly-Kowlowitz *
                     845 Third Avenue * New York * NY 10022
                  Tel.: 212.759-4600 * Toll Free: 877.370.7703
                Fax: 212.486.2093 * Toll Free Fax: 877.370.7704
           Email: irrep@wolfpopper.com.' target='_blank' title='irrep@wolfpopper.com.'>irrep@wolfpopper.com.* website: www.wolfpopper.com
 
 

SOURCE Wolf Popper LLP