2nd Circ. Chucks Citigroup ERISA Suit

Law360, New York (October 19, 2009, 7:50 PM EDT) -- The U.S. Court of Appeals for the Second Circuit has reversed a lower court ruling that partially found in favor of five Citigroup Inc. employees who had accused the company of violating the Employee Retirement Income Security Act with its Citibuilder cash balance plan.

On Monday, the Second Circuit overturned the ruling handed down by U.S. District Judge Shira Scheindlin of the Southern District of New York in December 2006, granting partial summary judgment to the plaintiffs.

“Because we find that Citigroup’s plan does not violate...
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