To: ethicsconcern@citi.com
CC: ______@theecoa.org, ______@regions.com, ______@shrm.org
Sent: 4/5/2013 1:10:14 P.M. Central Daylight Time
Subj: Judge questions fairness of Citigroup $590 million settlement
Via US mail and via email ethicsconcern@citi.com
Ms. Maria C. Hermida
Chief Ethics Officer
Citigroup
Citi Ethics Office
1 Court Square, 24th floor
Long Island City, N.Y. 11101
Dear Ms. Hermida,
I am following up on previous communications I have sent to you.
On Monday Judge Sidney Stein questioned, in a way that has become news in the public domain, the fairness of Citigroup's settlement agreement. See Reuters article: Judge questions fairness of Citigroup $590 million settlement | Reuters.
Note particularly in the article the Judge's question to the parties: "Does the absence of any payments from the individual defendants render the settlement unfair to class members who still hold the Citigroup stock they purchased during the class period?"
At a minimum, I would think you, as Citigroup's Chief Ethics Officer and whose function is to help make Citigroup an ethical company, would be troubled by a Federal judge making the public news with questions about whether Citigroup has been fair and just in the settlement agreement it has entered into.
Beyond that, I would think that you, as a member of the Board of Directors of the Ethics & Compliance Officer Association, would wonder whether there are matters involved here that the ECOA should delve into.
Thank you.
Sincerely,
Rob Shattuck
3812 Spring Valley Circle
Birmingham, AL 35203
(205) 967-5586
rdshatt@aol.com
cc.
Ms. Andrea Smith (via US mail)
Bank of America
Global Human Resources Executive
100 North Tryon Street
Charlotte, NC 28202
Mr. Hugh Nickson (via email ________)
Ethics Program Manager
Regions Bank
1901 6th Avenue North
Birmingham AL 35203
Chief Ethics Officer
Citigroup
Citi Ethics Office
1 Court Square, 24th floor
Long Island City, N.Y. 11101
Dear Ms. Hermida,
I am following up on previous communications I have sent to you.
On Monday Judge Sidney Stein questioned, in a way that has become news in the public domain, the fairness of Citigroup's settlement agreement. See Reuters article: Judge questions fairness of Citigroup $590 million settlement | Reuters.
Note particularly in the article the Judge's question to the parties: "Does the absence of any payments from the individual defendants render the settlement unfair to class members who still hold the Citigroup stock they purchased during the class period?"
At a minimum, I would think you, as Citigroup's Chief Ethics Officer and whose function is to help make Citigroup an ethical company, would be troubled by a Federal judge making the public news with questions about whether Citigroup has been fair and just in the settlement agreement it has entered into.
Beyond that, I would think that you, as a member of the Board of Directors of the Ethics & Compliance Officer Association, would wonder whether there are matters involved here that the ECOA should delve into.
Thank you.
Sincerely,
Rob Shattuck
3812 Spring Valley Circle
Birmingham, AL 35203
(205) 967-5586
rdshatt@aol.com
cc.
Ms. Andrea Smith (via US mail)
Bank of America
Global Human Resources Executive
100 North Tryon Street
Charlotte, NC 28202
Mr. Hugh Nickson (via email ________)
Ethics Program Manager
Regions Bank
1901 6th Avenue North
Birmingham AL 35203
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