Citigroup Off Hook In Employee Stock Plan Dispute

Law360, New York (November 2, 2009, 7:15 PM EST) -- California's highest court has let Citigroup Inc. off the hook in a dispute with a former employee over whether the company's voluntary incentive compensation plan offering reduced-price restricted shares of company stock in lieu of cash violates California labor law.

The incentive plan's forfeiture provision does not run afoul of the California Labor Code because no earned, unpaid wages remain outstanding upon termination according to the terms of the incentive plan, Associate Justice Carlos E. Moreno ruled in an opinion filed in the California Supreme Court...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.