August 6, 2019 / 9:48 PM / 12 days ago

CEO that turned around ailing Flagstar sues over reneged $14 mln in benefits

Joseph Campanelli, former chief executive of Flagstar Bank, has filed suit against his former employer alleging that it failed to pay him a promised pension benefit and consulting fees after he saved the bank from insolvency in the wake of the mortgage crisis.

Filed on Monday in Manhattan federal court, the lawsuit said Flagstar had promised him a pension benefit estimated to be worth $14 million to compensate him for the risk of joining a failing bank in 2009.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/33iLxF5

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