District Court Orders Party to Withdraw Actions in Mexico Because the Parties Agreed to Arbitrate All Disputes and…

Luis Sebastian Sayeg Seade (“Sayeg”) was employed by Banco Nacional de México, S.A. (“Banamex”), a wholly-owned indirect subsidiary of Citigroup, organized under the laws of Mexico with a principal place of business in Mexico. During Sayeg’s employment with Banamex, Citigroup had in place various incentive plans (the “Plans”), which granted incentive compensation to its employees. All of the Plans contained arbitration clauses.

Sayeg’s employment ended in 2019 when he signed a Termination and Release agreement with Banamex. Sayeg was paid the equivalent of $3.5 million U.S. dollars in exchange for a broad, general release in favor of Banamex and Citigroup. The Termination and Release agreement contained an arbitration clause, as well as a commitment by Sayeg not to file suit in Mexico or the U.S. against Banamex or Citigroup…

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