In re CITIGROUP INC. SHAREHOLDER DERIVATIVE LITIGATION.
Court of Chancery of Delaware.https://leagle.com/images/logo.png
Submitted: January 28, 2009.
Decided: February 24, 2009.
Attorney(s) appearing for the Case
Pamela S. Tikellis, Meghan A. Adams, and Tiffany J. Cramer, of Chimicles & Tikellis LLP, Wilmington, Delaware; Of Counsel: Marvin A. Miller, of Miller Law LLC, Chicago, Illinois; Daniel W. Krasner, Peter C. Harrar, and Matthew M. Guiney, of Wolf Haldenstein Adler Freeman & Herz LLP, New York, New York, Attorneys for Plaintiffs.
Gregory P. Williams and John D. Hendershot, of Richards, Layton & Finger, P.A., Wilmington, Delaware, Attorneys for Defendants and Nominal Defendant Citigroup Inc.
Brad S. Karp, Richard A. Rosen, and Susanna M. Buergel, of Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, New York, Attorneys for Defendants Charles Prince, Winfried Bischoff, Robert E. Rubin, David C. Bushnell, John C. Gerspach, Lewis B. Kaden, Sallie L. Krawcheck, and Gary Crittenden.
Robert D. Joffe and Richard W. Clary, of Cravath, Swaine & Moore LLP, New York, New York, Attorneys for Defendants C. Michael Armstrong, Alain J.P. Belda, George David, Kenneth T. Derr, John M. Deutch, Roberto Hernández Ramirez, Andrew N. Liveris, Anne M. Mulcahy, Richard D. Parsons, Judith Rodin, Robert L. Ryan, Franklin A. Thomas, Ann Dibble Jordan, Klaus Kleinfeld, and Dudley C. Mecum.
Lawrence B. Pedowitz, George T. Conway III, Jonathan M. Moses, and John F. Lynch, of Wachtell, Lipton, Rosen & Katz, New York, New York, Attorneys for Nominal Defendant Citigroup Inc.
Court of Chancery of Delaware.
OPINION
CHANDLER, Chancellor.
This is a shareholder derivative action brought on behalf of Citigroup Inc. ("Citigroup" or the "Company"), seeking to recover for the Company its losses arising from exposure to the subprime lending market. Plaintiffs, shareholders of Citigroup, brought this action against current and former directors and officers of Citigroup, alleging, in essence, that the defendants breached their fiduciary duties by failing to properly...
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