Citigroup’s Weill Seeks to Avoid Testimony
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Citigroup Inc. Chairman Sanford I. Weill is appealing a ruling that he must testify in lawsuits that claim his bank illegally took as much as $500 million from an employee discount-stock program.
Citigroup says that forcing Weill, 69, to testify in a case brought by former brokers from its Salomon Smith Barney unit would irreparably harm the bank and set a dangerous precedent for other CEOs.
A New Jersey judge ordered Weill to testify about the plan, which requires Salomon brokers to forfeit their last two years of contributions if they quit before retirement.
Citigroup shares rose 39 cents to $33.18 on the New York Stock Exchange.
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