A derivative action was filed last week against Citigroup’s Board of Directors alleging that they breached their fiduciary duties by authorizing the award of “excessive and unwarranted 2011 executive compensation.” The complaint alleges that contrary to the company’s “Pay-For-Performance” policy, Citigroup’s five highest-paid officers received $54 million in executive compensation in 2011, while they “presided over extremely disappointing Company performance.” The case has been assigned to Judge Oetken.