Earlier this month The Deal reported that Citigroup's independent directors had hired Cravath, Swaine & Moore's Robert Joffe to advise them on its myriad problems. Apparently that portfolio includes derivative litigation in Delaware Chancery Court, where plaintiffs have alleged that Citigroup officers and directors breached their fiduciary duties by failing to monitor and control the bank's exposure to the subprime market. In the case known as In Re Citigroup, Inc. Shareholder Derivative Litigation, both Joffe and Cravath partner Richard Clary have made appearances this month on behalf of Citigroup directors, who had previously been represented by Wachtell, Lipton, Rosen & Katz.

Norges Bank, which controls the world's second-largest sovereign wealth fund, accuses Citigroup of misstating its financial health as the subprime crisis unfolded.