Judge Tosses Citi Brokers' Suit Over Bonus Loans

Law360, New York (April 26, 2010, 1:29 PM EDT) -- A federal judge has dismissed a proposed class action brought by terminated Citigroup Global Markets Inc. securities brokers who claimed they were unfairly required to immediately pay back signing bonus loans under their employment contracts.

Judge Lewis A. Kaplan of the U.S. District Court for the Southern District of New York ruled Friday that the plaintiffs' suit had to be dismissed because their contracts called for disputes to be arbitrated before the Financial Industry Regulatory Authority.

Judge Kaplan rejected the plaintiffs' arguments that the arbitration clause...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.