January 21, 2007
The Honorable Sidney H. Stein of the United States District Court for the Southern District of New York has appointed Wolf Popper LLP as Co-Lead Counsel for the ERISA action brought on behalf of the Citigroup 401(k) Plan and the Citibuilder 401(k) Plan for Puerto Rico (the “Plans”), and participants and beneficiaries of the Plans who held and/or purchased Citigroup, Inc. (“Citigroup”) (NYSE: C) stock in their Plan accounts.
Judge Stein appointed Wolf Popper LLP, together with the law firm of Harwood Feffer LLP, to serve as Co-Lead Counsel.
Plaintiffs allege that the Defendants breached their ERISA fiduciary duties by imprudently permitting the Plans to hold and acquire billions of dollars in Citigroup stock, despite the fact that they knew or should have known that Citigroup was engaging in highly risky activities which artificially inflated the true value of Citigroup stock, and, thus, that Citigroup stock no longer was a prudent and appropriate investment.