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.
Insurance Regulators Defend State-Led Model in Reply to Warren 
Florida OIR Approves Four More HO Rate Cuts as Citizens Keeps Shrinking 
Here Are Some AI Doomsday Scenarios Researchers Say Could Put Humanity at Risk 
Hurricane to Threaten Hawaii With Flooding Over Weekend 
