A banker has sued Citizens Republic Bancorp in Michigan, saying he was fired for questioning a $7.5 million bonus for the company’s chief executive on the eve of a federal bailout payment.
John D. Schwab filed a lawsuit in Genesee County Circuit Court in Flint.
Schwab says then-chief executive William R. Hartman fired him as executive vice president in January after Schwab opposed a four-year contract for Hartman with a $7.5 million bonus.
The suit says Hartman sought the deal in anticipation of the Michigan bank getting $300 million in federal aid.
Bank spokesman Brian J. Smith says the Flint-based bank follows all federal executive pay guidelines and has “strong policies and practices to protect” its employees.
Was this article valuable?
Here are more articles you may enjoy.
Indiana Church Not Owed Replacement-Cost Payment for Fire Damage 
US Offers $20 Billion Reinsurance Plan to Spur Gulf Oil Flow 
Florida House Gives Final Approval to Much-Debated Citizens Clearinghouse Bill 
Study: AI May Be Tempering Insurer Hiring 
