Kirby McInerney LLP Announces $590 Million Proposed Settlement of Class Action Claims Against Citigroup Inc. - C

Kirby McInerney LLP Announces $590 Million Proposed Settlement of Class Action
Claims Against Citigroup Inc. - C

NEW YORK, Aug. 29, 2012 (GLOBE NEWSWIRE) -- Kirby McInerney LLP is pleased to
announce an agreement to settle the securities class action lawsuit titled In
re Citigroup Inc. Securities Litigation, 07-cv-9901 (S.D.N.Y.) for $590
million. The suit was brought on behalf of investors who purchased or
otherwise acquired shares of Citigroup common stock during the time period
from February 26, 2007 through April 18, 2008 (the "Class Period").

The $590 million settlement, which is subject to court approval, represents a
significant recovery relating to the subprime/credit crisis.

The lawsuit alleged that the Defendants, Citigroup Inc. and certain of its
former senior officers and directors, materially misrepresented Citigroup's
exposure to collateralized debt obligations ("CDOs"), as well as the value of
those CDOs, during the Class Period. Plaintiffs alleged that Defendants were
aware of both the size of Citigroup's CDO holdings and their impairment before
either of these matters was disclosed to the public, and that public
disclosure regarding Citigroup's CDO exposures caused the price of Citigroup
common stock to decline. These actions, the case alleged, damaged those
investors who purchased or otherwise acquired Citigroup shares during the
Class Period ("Class Members"), and constituted violations of Sections 10(b)
and 20(a) of the Securities Exchange Act of 1934. Defendants have denied
Plaintiffs' allegations and the Court has not ruled on the merits of the
claims.

Plaintiffs' lead counsel Kirby McInerney LLP litigated this action for over
four years and engaged in extensive motion practice and discovery to achieve
this result. The parties are seeking approval of the settlement from the
United States District Court for the Southern District of New York, where the
action is pending.

For further information, class members may visit the settlement website at
www.citigroupsecuritiessettlement.com or call 1-877-600-6533.

Kirby McInerney LLP has specialized in complex litigation, including
securities class actions, for over 65 years. The firm represents
institutional, governmental, and individual clients in complex class and
individual proceedings and has recovered billions of dollars for them. Among
other activities, the firm has played a major role in protecting the interests
of those who have sustained losses as a result of the subprime/credit crisis,
leading class action lawsuits against National City Corporation and Wachovia
Corporation, which recently resulted in settlements of $168 million and $75
million, respectively, as well as individual suits on behalf of institutional
investors in complex securities, such as CDOs, which are at the heart of the
crisis.

CONTACT: Kirby McInerney LLP
         Ira M. Press, Partner
         ipress@kmllp.com
         Peter S. Linden, Partner
         plinden@kmllp.com
         825 Third Avenue
         New York, NY 10022
         Tel: 212-371-6600
         www.kmllp.com