Search By:
Products
Injury
Topic
Company
Industry
Citigroup may have breached its fiduciary duties to current and former employees that owned Citigroup stock in Citigroup's 401(K) plan.
Investigation Source
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Investments
- Retirement Asset
- Investment Advisor Duties
Product or Service
- 401(K)
Injury Type
- Monetary Loss
Investigation Details
Investigation and a pending ERISA class action lawsuit against Citigroup on behalf of all persons who were participants in or beneficiaries of the Citigroup 401(k) Plan (the "Plan"), between January 1, 2007 and the present and whose accounts included investments in Citigroup common stock.
The class action complaint alleges that Citigroup breached its fiduciary duties to current and former employees by:
(1) failing to prudently and loyally manage the Plan's assets;
(2) failing to monitor fiduciaries; and
(3) failing to provide complete and accurate information to the Class.
The class action complaint alleges that Citigroup breached its fiduciary duties to current and former employees by:
(1) failing to prudently and loyally manage the Plan's assets;
(2) failing to monitor fiduciaries; and
(3) failing to provide complete and accurate information to the Class.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| Citigroup Inc. (C) | Citigroup Inc. provides a range of financial products and services to consumer and corporate customers. The company operates through four segments: Global Cards, Consumer Banking, Institutional Clients Group, and Global Wealth Management. The Global Cards segment offers MasterCard, VISA, Diners Club, private label, and American Express card products. The Consumer Banking segment involves in retail banking, consumer finance, real estate lending, and small and middle market commercial banking; and provides personal and auto loans, student loans, investment services, and Primerica financial services. As of December 31, 2008, it operated 7,730 branches. The Institutional Clients Group segment engages in various securities and banking activities comprising investment banking, debt and equity, lending, private equity, hedge funds, real estate, structured products, and managed funds. It also offers transaction services, including cash management services, trade services, custody and fund services, clearing services, agency and trust services, and equity and fixed income research services. The Global Wealth Management segment provides advisory, financial planning, brokerage, and wealth management services. Citi has operations in North America, Latin America, Asia, Europe, the Middle East, and Africa |