Executive Compensation

In an opinion issued this morning, Judge Oetken denied a $6 million fee request from lawyers that voluntarily dismissed a suit charging Citi with awarding excessive compensation. The suit was filed after Citi’s shareholders, in a non-binding “say-on-pay” vote, rejected Citi’s proposed executive compensation plan for 2011. The lawyers argued that the suit caused certain Citi executives to resign and forfeit certain compensation (thus allegedly mooting the action to some extent), but Judge Oetken disagreed:
Continue Reading Judge Oetken Concludes That Dropped Suit Did Not Cause Pay Changes at Citibank, Denies $6 Million Fee Request