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Citigroup Executive Properly Denied Benefits
Citigroup properly exercised its discretion when it denied a terminated executive the right to exercise his unvested shares of stock, cancelled his unvested stock options, and denied benefits to him under its severance, deferred compensation, and supplemental executive retirement plans, rules Judge Naomi Buckwald in granting Citigroup's motion for summary judgment. Welland v. Citigroup, Inc., 2003 WL 22973574 (S.D.N.Y. 12/17/03)
Stanley Welland was employed by Citigroup as a senior vice president and division executive of Citigroup Global Technology. In this capacity, Welland negotiated with vendors and invited bids on contracts for Citigroup. The firm maintained policies regarding the acceptance of gifts or gratuities from vendors. Welland attended a number of events and gatherings, such as the 1999 Super Bowl and 1997 Indianapolis 500, paid for by vendors in violation of Citigroup's policies.
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