Citigroup ERISA Action Fails To State Claim: Judge

Law360, New York (September 1, 2009, 4:25 PM EDT) -- A federal judge has tossed a putative class action accusing Citigroup Inc. of committing various Employee Retirement Income Security Act violations in connection with the $11 billion hit the financial giant took following the subprime mortgage market's collapse.

Judge Sidney H. Stein of the U.S. District Court for the Southern District of New York on Monday granted Citigroup's motion to dismiss the case, finding that the plaintiffs had failed to state a claim or convince the court that the company had violated its fiduciary duty....
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