Citigroup faces 401(k) participant lawsuit

Citigroup Inc. of New York has been sued by a participant in its $12 billion 401(k) plan.
OCT 31, 2007
By  D Hampton
Citigroup Inc. was sued by a participant in its $12 billion 401(k) plan. The participant alleges theNew York-based firm committed a variety of ERISA fiduciary breaches when Citigroup affiliates and subsidiaries were hired to manage money for the plan, according to court documents. The lawsuit, filed Oct. 18 in U.S. District Court in Manhattan, is seeking class-action status. Michael Hanretta, spokesman for Citigroup, could not immediately be reached by press time.

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