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Case Status:    SETTLED
On or around 11/28/2014 (Other)

Filing Date: November 08, 2007

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 Inc. 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 filed 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.


Sector: Financial
Industry: Consumer Financial Services
Headquarters: United States


Ticker Symbol: C
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data

"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 07-CV-09901
JUDGE: Hon. Sidney H. Stein
DATE FILED: 11/08/2007
CLASS PERIOD END: 11/02/2007
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
  2. Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 07-CV-09901
JUDGE: Hon. Sidney H. Stein
DATE FILED: 02/20/2009
CLASS PERIOD END: 02/22/2008
  1. Kirby McInerney LLP (New York)
    825 Third Avenue, Kirby McInerney LLP (New York), NY 10022
    212.371.6600 212.371.6600 ·
No Document Title Filing Date
No Document Title Filing Date