Citigroup, Inc. is an American multinational investment management and financial services company.

The original Complaint charges that Citigroup misled shareholders by falsely reporting financial statements that failed to consolidate the results and liabilities of certain highly leveraged special investment vehicles, as required by Generally Accepted Accounting Principles or "GAAP." The mortgage-backed securities owned by these special investment vehicles (sold to them by Citigroup) have tumbled in value, forcing Citigroup to bail out the special investment vehicles, to the tune of billions of dollars in additional liability.

According to a press release dated August 20, 2008, a federal judge on Tuesday consolidated a group of class action lawsuits alleging that Citigroup made misleading and inaccurate statements about its exposure to subprime mortgages, resulting in millions of dollars in losses for investors. Judge Sidney Stein of U.S. District Court for the Southern District of New York named ATD Group, a collection of individual investors, the lead Plaintiff in the case. The law firm Kirby McInerney LLP was named the lead attorney. Two state agencies, the Public Employees' Retirement Association of Colorado and the Tennessee Consolidated Retirement System, are among the other Plaintiffs in the case. The Colorado and Tennessee state institutions had moved jointly to be named lead Plaintiffs in the case.

On December 1, 2008, the lead Plaintiffs filed Consolidated Class Action Complaint and again amended their Complaint on February 20, 2009. The Defendants filed a motion to dismiss on March 13, 2009.

On August 21, 2009, by order from the Multidistrict Litigation Panel, this case was transferred to the Southern District of New York for coordinated or consolidated pretrial proceedings with the actions pending in that district.

On November 09, 2010, an Opinion and Order was issued by the Court denying the Defendants' motion to dismiss with respect to the Section 10(b) claims against Citigroup and the Section 10(b) and 20(a) claims against various Defendants. The Order was granted with respect to other individual Defendants.

On August 29, 2012, the Court issued an Order Preliminarily Approving Proposed Settlement and Providing for Notice.

On August 1, 2013, the Court issued an Opinion granting the motion for final approval of the settlement and the plan of allocation. The Court also awarded attorneys' fees and expenses. The Court followed this Opinion with a Final Judgment ordering this case to be dismissed with prejudice. On September 3, a Notice of Appeal of the above Opinion and Final Judgment was filed with the Court.