Retiree sues Citigroup after losing $2 million on MCI stock

WEST PALM BEACH, Fla. -- A retiree who lost his $2 million life savings when MCI and WorldCom stock plummeted sued Citigroup on Thursday for pain and suffering, possibly creating a new avenue of recourse for thousands of Americans who lost their fortunes.

Anthony Amodio's lawsuit against the nation's largest bank alleges that he is now penniless and ill with heart problems because its advisers told him to keep his 23,820 shares of WorldCom stock, claiming that the share price would climb back to $150, even when it was selling at $7 in April 2002.

The suit would be the first to compel depositions from former WorldCom CEO Bernard Ebbers, Citigroup Chairman Sanford Weill and its former star telecom analyst, Jack Grubman, attorney Ted Babbitt said.

The suit blames them for recklessly and intentionally inflating claims about the stock's potential, making millions while countless Americans became virtually destitute.

Citigroup did not immediately return a call seeking comment.