Class Plaintiffs filed a claim alleging that the Citibank breached its fiduciary duties and responsibilities as the trustee of the Lloyd’s American Trust Funds. Citibank allegedly transferred money from one trust fund to another without permission, engaged in commingling of different trust funds, and failed to maintain appropriate records of the fund’s transactions. The defendant settled the resulting settlement by issuing $8.5 million in cash and $11.5 million in coupons (“Credit Notes”). Credit Notes were distributed according to each class member's’ amount of debt: the more debt a class member held, the more “credit notes” he or she received.
Counsel for Plaintiffs:
Sanford P. Dumain (Milberg Weiss Bershad Hynes & Lerach LLP)
Kenneth A. Lapatine (Greenberg Traurig, LLP)
Counsel for Defendants:
Henry Weisburg (Shearman & Sterling)
Robert N. Shwartz (Debevoise & Plimpton)
Legal Documents Settlement Agreement Notice Judge's Order