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Citigroup Faces ERISA Suit On Subprime Write-Down

Law360 (November 6, 2007, 12:00 AM EST) -- Just one day after Citigroup Corp. disclosed that it would take an $11 billion hit due to subprime mortgage exposure, the bank's current and former employees have taken action, filing a lawsuit against the ailing Wall Street firm alleging violations of the Employment Retirement Income Securities Act.

In a case filed on Monday in the U.S. District Court for the Southern District of New York, beneficiaries of Citigroup's 401(k) plan sued the bank,. The suit claimed that Citigroup allowed “imprudent investment” of employee assets in Citigroup...
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