1st Circ. Upholds Citigroup Win In Deferred Comp MDL

Law360, Washington (July 13, 2011, 6:54 PM EDT) -- The First Circuit on Wednesday affirmed Citigroup Inc.'s win in multidistrict litigation brought by former employees of Salomon Smith Barney over alleged violations of Louisiana and Colorado law in relation to a deferred compensation plan.

Under the terms of the company's capital accumulation plan, the employees elected to receive portions of their earned commissions in the form of Citigroup stock at a 25 percent discount and on a tax-deferred basis, with a two-year vesting period. The plan's forfeiture provision, which stated that an employee forfeited their...
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