Saturday, April 6, 2013

Letter to Citigroup Chief Ethics Officer

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 
Ms. Maria C. Hermida
Chief Ethics Officer
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.

Rob Shattuck
3812 Spring Valley Circle
Birmingham, AL 35203
(205) 967-5586

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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