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LERNER v. PRINCE

650417/09, 10616.

119 A.D.3d 122 (2014)

987 N.Y.S.2d 19

2014 NY Slip Op 3763

STANLEY LERNER, Derivatively on Behalf of Nominal Defendant CITIGROUP INC., Appellant, v. CHARLES O. PRINCE, III, et al., Respondents, and CITIGROUP INC., Nominal Defendant-Respondent.

Appellate Division of the Supreme Court of New York, First Department.

Decided May 22, 2014.

Attorney(s) appearing for the Case

Greenfield & Goodman LLC, New York City ( Richard D. Greenfield of counsel), for appellant.

Cravath, Swaine & Moore LLP, New York City ( Richard W. Clary and Rory A. Leraris of counsel), for respondents.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York City ( Brad S. Karp , Richard A. Rosen and Susanna M. Buergel of counsel), for Charles O. Price and others, respondents.

Wachtell, Lipton, Rosen & Katz, New York City ( Lawrence B. Pedowitz and Bradley R. Wilson of counsel), for Citigroup Inc., respondent.

RICHTER, MANZANET-DANIELS and GISCHE, JJ., concur.

OPINION OF THE COURT

MOSKOWITZ, J.

This purported shareholder derivative action arose out of the subprime mortgage crisis meltdown and the financial crisis that followed. Plaintiff Stanley Lerner is a shareholder of nominal defendant Citigroup Inc., a Delaware corporation with its principal place of business in New York. At the end of the third quarter of 2007, Citigroup reported multi-billion dollar asset write-downs stemming from its holdings in mortgage...

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