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Citigroup Wins Decision In Bonus Plan Class Action

Law360 (October 4, 2006, 12:00 AM EDT) -- Citigroup Inc. has won its appeal to have a lawsuit alleging its Capital Accumulation Plan violated the Illinois Wage Payment and Collection Act dismissed.

The Capital Accumulation Plan allows certain Citigroup employees to designate a percentage of their salaries toward the purchase of Citigroup common stock at a 25% discount. However, should the employee quit before the end of the two-year vesting requirement, the employee would forfeit both the stock and the underlying salary.

According to Citigroup, the purpose of CAP is “to enable the company...
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