April 24, 2012
Citi Gets Hit With Say-on-Pay Lawsuit in Record Speed: Before 8-K Filed!
– Broc Romanek, CompensationStandards.com
As the other bloggers on this site were quick to point out, Citigroup was hit with a say-on-pay lawsuit within two days of the revelation that it had failed to garner majority support for say-on-pay at its annual shareholders meeting last week. In fact, Citi’s Form 8-K reporting the vote results was filed on Friday – and the complaint was filed in the US District Ct.- SDNY on Thursday. The lawsuit was filed before the 8-K!
Here are pieces on this topic from:
– Mike Melbinger’s “Copycat Say on Pay Lawsuits Quickly Follow Unfavorable Votes”
– Mark Borges’ “More on Citigroup”
– Mark Borges’ “More on the Citigroup Vote”
– Mark Borges’ “Citigroup Loses Say-on-Pay Vote”
– William Tysse’s “Citigroup sued after say-on-pay failure – more will be coming”
– Reuters’ “Citigroup CEO, Directors Sued For Outsized Executive Pay Packages“