Zwerling, Schachter & Zwerling, LLP Appointed Lead Counsel in Citigroup Auction Rate Securities Litigation

    NEW YORK, July 14 /EMWNews/ -- On June 24, 2008, Judge Laura Taylor

Swain of the United States District Court for the Southern District of New

York issued an order appointing Dr. Michael A. Passidomo lead plaintiff in

the class action pending against Citigroup Inc. (NYSE: C), Citigroup Global

Markets, Inc. and Citi Smith Barney (the "Defendants") on behalf of

investors in auction rate securities purchased from Defendants. Judge Swain

appointed Zwerling, Schachter & Zwerling, LLP ("Zwerling Schachter") to

serve as Lead Counsel for the proposed class.



    The first of the lawsuits involving the purchase of auction rate

securities from Defendants was filed in March 2008. The suits, which were

consolidated by the Court, allege that since April 2002 Defendants deceived

investors about the risks of auction rate securities by, among other

things, falsely marketing auction rate securities as cash equivalents that

were highly safe and liquid investments. However, as alleged in the

complaints, auction rate securities are complex financial instruments that

only appeared liquid and stable because Defendants were artificially

supporting and manipulating the market. The auction rate securities market

collapsed on February 13, 2008, after Defendants withdrew their support,

rendering investors' auction rate securities illiquid and worth

substantially less than par value.



    Zwerling Schachter is continuing to investigate the sale of auction

rate securities to investors. If you wish to discuss this action or have

any questions concerning your rights and interests with respect to this

matter, please contact Zwerling Schachter (Willy Gonzalez) at

1-800-721-3900 or by e-mail at [email protected], or by visiting Zwerling

Schachter's website at http://www.zsz.com and following the link to "In re

Citigroup Auction Rate Securities Litigation."



    Zwerling Schachter concentrates in prosecuting class actions nationwide

on behalf of investors. The firm currently plays a leading role in numerous

major securities and complex commercial litigations pending in federal and

state courts and has offices in New York City, Garden City, New York, and

Seattle, Washington. Zwerling Schachter has been recognized by courts

throughout the country as highly experienced and skilled in complex

litigation, particularly with respect to federal securities class action

litigation.



    Visit our website at: http://www.zsz.com