BUSINESS

Bailed-Out Bank Accused Of Retaliating Against Exec Who Complained About Chairman's Multimillion-Dollar Payout

04/25/2009 05:12 am ET | Updated May 25, 2011

A former executive of Citizens Republic Bancorp Inc., which got $300 million in public money through the Troubled Asset Relief Program, says he was fired after objecting to a multimillion-dollar payout sought by the company's chairman and chief executive.

John D. Schwab, who was executive vice president and chief credit officer, said in a wrongul-termination suit that he was forced out after urging a member of the company's board of directors to block Chairman William R. Hartman's demands.

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