Bank Exec Sues City National Over Retirement Benefits (1)

An ex-executive sued City National Bank NA for wrongfully terminating him and withholding his voluntary retirement benefits.

Richard Raffetto alleges that after four years as a high-performing executive at City National, he decided to voluntarily resign and accept employment at a competing bank. Raffetto claims that City National’s human resources executives repeatedly assured him that under the bank’s long-term incentive plan, he would still be eligible for substantial voluntary retirement benefits if he left to work for a competitor, according to the complaint filed Sept. 13 in the US District Court for the Central District of California.

But when Raffetto ...