Citigroup Inc (NYSE: C) Investor Securities Class Action Lawsuit 08/19/2008

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Company Name(s): 
Citigroup
Case Name: 
Citigroup Shareholder Class Action Lawsuit 08/19/2008
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: C
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/19/2008
Class Period Begin: 
02/26/2007
Class Period End: 
04/18/2008
Court of Filing: 
U. S. District Court for the Southern District of New York
Date Settled: 
01/15/2013
Settlement Amount: 
$590,000,000
Deadline to Participate in Settlement: 
02/07/2013
Settlement Notice: 
Settlement Proof: 
Summary: 

August 20, 2013 - The court approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

March 25, 2013 - The court preliminarily approved the settlement.

March 18, 2013 - Parties filed a stipulation of settlement.

July 14, 2011 - Certain defendants' were dismissed with prejudice.

July 12, 2010 - Defendants' motions to dismiss are granted in part and denied in part.

August 31, 2009 - More cases were consolidated.

May 7, 2009 - More cases were consolidated.

March 13, 2009 - Defendants filed motions to dismiss.

January 15, 2009 - Lead plaintiffs filed an amended consolidated complaint.

August 21, 2009 - By order from the Multi-district 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.

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.

August 19, 2008 - A federal judge 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. The 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.