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In re Citigroup Inc. Shareholder Derivative Litigation
Citation:964 A.2d 106 (Del. Ch. 2009)
This is a shareholder derivative action brought on behalf of Citigroup, Inc., seeking to recover for the company its losses arising from exposure to the subprime lending market. Plaintiffs allege that defendants are liable to the company for breach of fiduciary duty for failing to adequately oversee and manage Citigroup’s exposure to the problems in the subprime mortgage market, even in the face of alleged red flags and failing to ensure that the company’s financial reporting and other disclosures were thorough and accurate.
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