Mack Whittle is being sued by a shareholder of South Financial, who is trying to block his $18 million compensation package.
The shareholder, Vernon Mercier, said the suit was prompted by last week’s announcement that South Financial would receive bailout funds, reports a South Carolina TV station.
A judge declined Mercier’s request for an injunction blocking the payment, but delayed a decision on a motion to dismiss the suit.
A lawyer for Whittle, Billy Wilkins, told the court: “Mack Whittle and his family have given a lot to this community and it’s a tough time for him. Particularly to be ridiculed as he has been in the press and accused of things that he didn’t do: getting a golden parachute, taking advantage of the taxpayers. All of that stuff is absolutely not true.”
Wilkins continued: “[Whittle’s] retirement benefits are based solely on an employment contract that had been in existence for over two years when he retired. He’s getting nothing more or less than that what he is legally entitled to.”