E Street Journal

Still No Equal Justice for All!

Citigroup openly violated the Wall Street reform anti arbitration laws and yet no federal law enforcement or regulatory agency has taken any action. In a motion to dismiss a Sarbanes Oxley lawsuit, Citigroup used conflicting wordplay to convince a federal judge to dismiss the case in favor of arbitration even though it is illegal to do so, especially for large money center banks whose actions were the impetus for the law.

Citigroup also includes illegal language in its severance agreement prohibiting former employees from collecting whistleblower rewards. Two other companies (BlueLinx and Health Net) were fined for using the same language and forced to modify their agreement and inform all former staff, yet no action has been taken against Citigroup. When will there be equal justice?

Complaints were filed with the SEC, CFTC, Department of Justice and most of the members of the banking committees, including Senator Elizabeth Warren, Chairman Jeb Hensarling, Senator Pat Toomey, Representative Brian Fitzpatrick, Representative Keith Rothfus, Representative Maxine Waters, Senator Mike Crapo and Senator Sherrod Brown. So far, no action has been taken by congress or any enforcement agency.

 

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