Judge Tosses Citi Employee Suit Over Subprime Losses

Law360, New York (June 7, 2011, 5:42 PM EDT) -- A New York federal judge on Tuesday tossed a putative class action against Citigroup Inc. brought by participants in an employee stock awards program who claimed the bank hid its exposure to subprime mortgages before a precipitous drop in its stock.

U.S. District Judge Sidney H. Stein granted Citigroup's motion to dismiss the suit over the bank’s alleged failure to disclose adequate truthful information about its exposures to subprime mortgages to employees who were buying company stock through the bank's voluntary stock awards program called the...
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Case Information

Case Title

Brecher, et al. v. Citigroup Inc., et al.


Case Number

1:09-cv-07359

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

Sidney H. Stein

Date Filed

August 21, 2009

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