Legal Opinion · Concurring in part, dissenting in part
Gray v. Citigroup Inc.
Court of Appeals for the Second Circuit
Decided October 19, 2011No. Docket No. 09-3804-cvPublished
1Concurring in part, dissenting in partStraub, Circuit Judge
The August 2007 collapse of the $2 trillion subprime1 mortgage market unleashed “a global contagion,”2 the virulence of which is well demonstrated by plaintiffs’ allegations in this case.
Plaintiffs are current and former employees of Citigroup who invested years of savings in their employer’s retirement Plans. They did so at the cajoling of Citigroup and the other named defendants, who, according to plaintiffs, repeatedly and materially misrepresented Citigroup’s dismal financial outlook and its massive sub-prime exposure. Defendants allegedly knew or should have known that Citigroup stock…
2Cases cited53 opinions
- Bell Atlantic Corp. v. TwomblySupreme Court of the United States · 2007
- Firestone Tire & Rubber Co. v. BruchSupreme Court of the United States · 1989
- Varity Corp. v. HoweSupreme Court of the United States · 1996
- Mertens v. Hewitt AssociatesSupreme Court of the United States · 1993
- Pegram v. HerdrichSupreme Court of the United States · 2000
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