Judge Bars New Claim In Citigroup ERISA Class Action

Law360, Los Angeles (November 9, 2011, 7:02 PM EST) -- A New York federal judge on Wednesday refused to allow two Citigroup Inc. workers to pursue a new Employee Retirement Income Security claim in an amended putative class action alleging the managing committees of the bank’s 401(k) plan favored Citigroup-affiliated funds over lower-priced competitors'.

U.S. District Judge Sidney H. Stein held that the plaintiffs could amend their complaint to restate ERISA claims that the administrative and investment committees of the 401(k) violated duties of loyalty and prudence in their handling of the retirement plan. But he...
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