Schachter v. Citigroup

SIFMA has submitted an Amicus “Friend of the Court” Brief

Court:

California Supreme Court

Amicus Issue:

Whether the forfeiture provisions in Citi’s voluntary incentive compensation plan – which gives employees the option of using a portion of their earnings to purchase shares in the company’s stock below market price, but which provides that employees forfeit both the stock and the money used to purchase it if they resign or are terminated for cause within a two-year period – violate the California Labor Code’s requirement that an employer pay an employee all earned wages at the time the employee ceases employment.

Counsel of Record:

Morgan, Lewis & Bockius LLP

101 Park Avenue

New York, NY 10178

Sam S. Shaulson

Morgan, Lewis & Bockius LLP

One Market, Spear Tower

San Francisco, CA 94105

Thomas M. Peterson

Morgan, Lewis & Bockius LLP

5 Park Plaza, Suite 1750

Irvine, CA 92612

Carrie A. Gonell

Other Amici on SIFMA’s Brief:

U.S. Chamber of Commerce