Citigroup has announced that it will write off between $8 billion and $11 billion to reflect the declining value of subprime-mortgage-related securities. Citigroup shares have fallen 35% this year. As a result, the value of Citigroup stock owned through the Citigroup 401(k) Plan (the "Plan"), has fallen dramatically. Citigroup and other administrators of the Plan may have breached their ERISA-mandated fiduciary duties of loyalty and prudence to participants and beneficiaries of the Plan. A breach may have occurred if the fiduciaries failed to manage the assets of the Plan prudently and loyally by investing the assets in Company stock and Citigroup affiliated investment products when it was no longer a prudent investment for participants' retirement savings.
Citigroup employees who own Citigroup stock and or Citigroup investment products through the Plan may be able to recover some of their losses. If you or anyone you know is a member of the Citigroup 401(k) Plan and purchased Citigroup affiliated investment products through the Plan, please complete a Citigroup 401 (k) Plan Complaint Form for a free evaluation.
Citigroup ERISA Fraud Articles
Citigroup Faces ERISA Lawsuits
Two lawsuits have been filed against Citigroup alleging the company violated Employee Retirement Income Security Act (ERISA) laws by breaching their fiduciary duties. The lawsuits were filed on behalf of participants and beneficiaries of the Citigroup 401(k) Plan. Citigroup's 401(k) Plan has allegedly suffered over one billion dollars in market losses.
Citigroup ERISA in the News
NOV-06-07: Citigroup faces an ERISA lawsuit alleging the company is guilty of breaching fiduciary duty by mismanaging its 401(k) investments. The suit requests class action status. [PLANADVISER: CITIGROUP ERISA]
CITIGROUP 401(K) Plan Losses Legal Help
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I was wrongly terminated by CitiGroup after MetLife cancelled my disability. They were both found guilty, had to pay all attorney fees and expenses, plus all back pay. There is also a judgement against them to restore all benefits due to me prior to wrongful termination. This judgement was never pursued by my attorneys, after they cashed their checks, they refused further help to enforce the employee benefits judgement. I have asked for years for the attorney's help, she says it is not her expertise, yet she and her partners were paid enormous amounts of money. I have tried to get CitiGroup and MetLife to honor the judgement to no avail. I don't know where to turn, Citigroup admitted over the phone I was wrongfully terminated, one rep verified that I did have whole life insurance, which MetLife disputes and refuses to send me the original policy. My 401K was never restored. I don't know where to turn for help. I don't understand why these major corporations are allowed to do the illegal things that they do, hurting so many people. How, if any way is there a recourse I can pursue?
Posted by Pam
on
401k taken out of check since 9/2014
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