The proposed settlement, filed in the U.S. District Court for the Southern District of New York Aug. 1, comes almost nine months after Judge
Stein Aug. 2 granted the investors’ request for a pause in the case until Aug. 14 so they could file the final settlement documents and ask the court for its preliminary approval.
The parties asked for more time because Citigroup has had “difficulties in obtaining historical class member transactional data.” Although Citigroup has made progress in obtaining the data, the parties will need additional time to assess it and confer with potential administrators regarding how best to use it.
The proposed deal allows class counsel to request fees of up to one-third of the settlement amount. Citigroup won’t oppose these fees, according to court documents.
Bailey & Glasser LLP, McTigue Law LLP, and Keller Rohrback LLP represent the class. Paul Weiss Rifkind Wharton & Garrison LLP represents Citigroup.
The case is Leber v. CitiGroup Inc., S.D.N.Y., No. 1:07-cv-09329-SHS-DCF, order granting plaintiffs’ request for extension of stay 8/2/18.