Citizens Exec Files Retaliation Suit Over Retirement

Law360, New York (March 24, 2009, 12:00 AM EDT) -- A former executive at Citizens Republic Bancorp has filed a lawsuit against the company claiming that he was forced to retire after opposing a $7.5 million bonus to the bank's CEO, which may have violated compensation restrictions on a $300 million federal bailout payment.

John D. Schwab, the Flint, Mich.-based banking company’s former chief credit officer, filed his complaint Tuesday in the Michigan Circuit Court in Genesee County, alleging he was not only forced out but also deliberately passed over to replace former President and CEO...
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