Citigroup Shareholders Sue Over $54M In Executive Pay

Law360, New York (April 20, 2012, 5:59 PM EDT) -- Citigroup Inc.’s top brass were hit with a shareholder derivative suit Thursday over the bank’s 2011 executive compensation that allegedly included some $54 million in pay for top executives, with $15 million going to CEO Vikram Pandit, after shareholders' historic say-on-pay vote Tuesday against such packages.

In a complaint filed in New York federal court, Citigroup shareholder Stanley Moskal claimed that the bank’s executives and directors received generous salaries that belied that bank's 2011 performance in which the company’s stock fell by more than 44 percent,...
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