November 27, 2017 / 11:02 PM / a year ago

Judge certifies class in Citigroup ERISA lawsuit

A federal judge in Manhattan has granted class status to a lawsuit accusing investment committees at Citigroup of breaching their fiduciary duties by not removing high-cost, poorly performing mutual funds from employees’ 401(k) retirement plans.

In a decision on Monday, U.S. District Judge Sidney Stein said the case is appropriate for class treatment because it raises questions that can be resolved with common proof and because common issues outweigh individual issues identified by defendants. Stein named Brian McTigue and James Moore of McTigue Law and Gregory Porter of Bailey & Glasser as class counsel and David Preminger of Keller Rohrback as liaison counsel.

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