In re Citigroup Erisa Litigation

OPINION AND ORDER

JOHN G. KOELTL, District Judge:

The plaintiffs brought this consolidated class action against the defendants asserting that the defendants violated their fiduciary duties under the Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. § 1001 et seq. The plaintiffs, Citigroup employees, based their claims on the defendants’ purported mismanagement of the plaintiffs’ employee stock ownership plans (“ESOPs”), a portion of the plaintiffs’ 401(k) plans that allowed Citigroup employees to invest in Citigroup common stock. The plaintiffs argued that the defendants…