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Category: Consumer Protection Law
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I lost 200k Owning C stock in my 401 k from the 2007/08

Customer Question

I lost 200k Owning C stock in my 401 k from the 2007/08 Market debacle....Can I still Have a case vs Citibank??
JA: Since laws vary from place to place, what state is this in?
Customer: NY
JA: Has anything been filed or reported?
Customer: NO
JA: Anything else you want the lawyer to know before I connect you?
Customer: N
Submitted: 11 months ago.
Category: Consumer Protection Law
Expert:  PDtax replied 11 months ago.

Hi from Just Answer. I'm PDtax, and can assist.

Expert:  PDtax replied 11 months ago.

I am going to refer the question to another category, as your question is legal in nature.

Customer: replied 11 months ago.
Obv Citi paid billions in fines. To Govt for fraud. Pertaining to my losses.
Customer: replied 11 months ago.
I don't need a call. Issoneone in differ category reaching out ?
Customer: replied 11 months ago.
are you working on answer
Expert:  PDtax replied 11 months ago.

The question was sent back to me. I'll try to assist.

In 2012, Citibank settled a shareholder lawsuit for the 2007-2008 fraud in its subprime loan group. is the link to one such story.

If you participated in this lawsuit, your claim may have been decided, and relief sent to you. If you opted out, you may have retained your rights to sue for relief, but the time to file for such litigation may have passed.

As a shareholder, you should have been notified of your rights, participation in the litigation I mentioned above, and your options in the lawsuit which I believe commenced in 2008.

I am looking for the terms of the actual settlement to shareholders, which I believe was paid in 2013.

Customer: replied 11 months ago.
My Concern is the Statue of Limitations. Or If I was do funds
Expert:  PDtax replied 11 months ago.

In re: Citigroup Inc Securities Litigation, U.S. District Court, Southern District of New York, No. 07-09901 is the case, settled in 2013.

If you participated, your account would reflect your piece of the $590 million settlement.

If you did not, I suspect the statute of limitations has likely passed for you to pursue your own litigation. I can't say for sure, but it is likely the settlement proposal you were sent also gave a specific deadline for claims to be filed if you did not want to participate in the group litigation. That time has likely passed.

Sorry I couldn't offer a way to 'open the door'. Citibank lost a huge amount of its value because of its role in the fraud, and never recovered. The bank paid more to the government in penalties, and to Fannie and Freddie, than to its own shareholders.

Thanks for asking at Just Answer. Positive feedback rating my assistance will be appreciated. I'm PDtax.