Sign In
Events
Newsletters
Search

Close

Close Search

Cancel

SEARCH
MY LAW.COMNEW

Lipshutz v. Costello

Suit Is Transferred to SDNY for Litigation With Consolidated Actions Over Same Facts

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MEMORANDUM AND ORDER This is a shareholder derivative action brought by plaintiffs Solomon Lipshutz and Jeweltex Manufacturing Inc. Retirement Plan on behalf of Citigroup Inc., a nominal defendant, against certain Citigroup directors and officers (the “individual defendants”). Defendants move to transfer this action to the Southern District of New York so that it can be litigated along with two consolidated actions involving the same underlying facts. For the reasons explained below, the motion is granted. BACKGROUND The Court assumes familiarity with the facts of this case. In short, plaintiffs are Citigroup shareholders. Compl. 14 (Dkt. #1). They principally allege that the individual defendants breached their fiduciary duties to Citigroup and its shareholders by failing to adequately implement internal controls, risk management systems, and data governance practices, resulting in, among other things, Citigroup being fined “billions of dollars” and mistakenly making a $900 million payment to Revlon creditors. Id. at

3, 5-6, 56-60, 128-30, 188. Plaintiffs also allege that the individual defendants caused Citigroup to make materially misleading statements and omissions regarding its oversight and risk management practices in its annual proxy statements between 2018 and 2021. Id. at

Trending Stories

 
Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.

LEARN MORE

More From ALM

Premium Subscription
With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas.
View Now
Team Accounts
Our Team Account subscription service is for legal teams of four or more attorneys. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team.
View Now
Bundle Subscriptions
Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Both options are priced the same.
View Now
Go to CLE Center
New York Legal Awards 2024
September 05, 2024
New York, NY

The New York Law Journal honors attorneys and judges who have made a remarkable difference in the legal profession in New York.


Learn More
Pennsylvania Legal Awards 2024
May 15, 2024
Philadelphia, PA

The Legal Intelligencer honors lawyers leaving a mark on the legal community in Pennsylvania and Delaware.


Learn More
Consulting Leaders in Technology 2024
May 16, 2024
Dallas, TX

Consulting Magazine recognizes leaders in technology across three categories Leadership, Client Service and Innovation.


Learn More
Go to Events Go to Webcasts
Attorney

Truly exceptional Bergen County New Jersey Law Firm is growing and seeks strong plaintiff's personal injury Attorney with 5-7 years plaintif...


Apply Now ›
ASSOCIATE: Commercial Litigation

Epstein Becker & Green is seeking an associate to joins its Commercial Litigation practice in our Columbus or Cincinnati offices. Ca...


Apply Now ›
Business Attorney with 5+ years experience -- Florida

Job Opportunity: Location: Prestigious Florida Law Firm seeks to hire a Business attorney with at least 5 years of experience for their Ft. ...


Apply Now ›
Go to Lawjobs
Clifford Law Offices, PC
04/29/2024
The National Law Journal

Professional Announcement


View Announcement ›
MELICK & PORTER, LLP
04/15/2024
Connecticut Law Tribune

MELICK & PORTER, LLP PROMOTES CONNECTICUT PARTNERS HOLLY ROGERS, STEVEN BANKS, and ALEXANDER AHRENS


View Announcement ›
Apruzzese, McDermott, Mastro & Murphy, P.C.
04/11/2024
New Jersey Law Journal

Professional Announcement


View Announcement ›
Go to Professional Announcements