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.
Secret Codes and Yuan Fees Get Ships Through Iran’s Hormuz Tollbooth 
Toilet Paper Warehouse in California Destroyed by Fire; Employee Arrested 
US Truck Rates at Highest Since 2022 Add to Inflation Pressures 
Berkshire-Owned PacifiCorp Wins Ruling That Could Reduce Wildfire Damages 
Want to stay up to date?
Get the latest insurance news
sent straight to your inbox.