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Yesterday, a federal appeals court reportedly ruled that Citigroup Inc. C vice president is not entitled to a portion of the $400 million civil fine the bank agreed to pay in October 2020 due to its risk management failures.

The 2nd U.S. Circuit Court of Appeals in Manhattan ruled that Tamika Miller did not prove her whistleblowing on Citigroup’s audit report alterations warranted a share of the $400 million penalty, which resulted from the bank’s settlement with the Federal Reserve and the OCC, reported Reuters.

Miller argued that Citigroup’s actions breached its $700 million 2015 settlement with the Consumer Financial Protection Bureau over its credit card business and its $35 million settlement with the OCC on the same day regarding marketing practices.

As per the report, Circuit Judge Denny Chin, writing for a three-judge panel, stated that federal law gave the OCC discretion, but not a duty, to fine Citigroup over the audit reports. He concluded that this undermined Miller’s claim that Citigroup, the third-largest U.S. bank, concealed its compliance failures to evade a government-imposed fine.

Chin also said that the lawsuit by Miller, a Citigroup risk management employee since 2014, was “bereft of the details needed to provide Citibank with ‘fair notice’ of her claim, and instead resembles an...

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