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2 Nov 11:03 pm
On November 2, 2009, the California Supreme Court issued an opinion in Schachter v. Citigroup, Inc., __ Cal.4th __ (2009), holding that
an employment incentive provision calling for the forfeiture of restricted company stock ... before vesting did not run afoul California Labor Code sections 201, 202, and 219. Under the
specific facts of the case, Citigroup had offered a voluntary employee incentive compensation plan that provided employees with shares of
restricted company stock at a reduced price ...
5 Nov 11:55 am
On November 2, 2009, the California Supreme Court issued an opinion in Schachter v. Citigroup, Inc., __ Cal.4th __ (2009), holding that
an employment incentive provision calling for the forfeiture of restricted company stock if the employment relationship was terminated before vesting did not run afoul California Labor
Code sections 201, 202, and 219. The Court's opinion turned largely on the ...
6 Nov 7:04 am
... has a mere hope or expectation of a reward matured into a fully vested proprty right that must be paid by the employer without further delay or reduction? The California Supreme
Court recently shed a bit more light on this issue in Schachter v. Citigroup, Inc. In that case, a stockbroker had elected to take some
of his compensation in the form of "restricted stock," which would only vest if he were still employed by ...
30 Nov, 2008 5:39 pm
Professor Larry Ribstein ponders here in a thought-provoking post about the corporate governance implications of a former Treasury Secretary such as Robert Rubin who, as a sophisticated
and very highly paid member of the board of Citigroup, Inc., either did not see or did not take action to avoid his company's exposure
to the economic tidal wave that led to the recent near-demise ...
2 Nov 8:15 pm
Nothing all that exciting here, but in Schacter v. Citigroup, Inc. (November 2, 2009), the California Supreme Court examined a voluntary
employee incentive compensation plan that provided employees with shares of restricted company stock at a reduced price in lieu of a portion of the employee's annual cash compensation.
Under the program, if an employee resigns or is terminated for cause before their restricted shares of stock vest, ...
24 Feb 2:34 pm
In Re Citigroup Inc. Shareholder Derivative Litigation, (Del. Ch., Feb. 24, 2009), read opinion here. This Delaware Chancery Court
opinion should be of widespread interest because it is the first detailed ... , pervasiveness, and materiality of the alleged financial wrongdoing at AIG is extraordinary.'" (emphasis
in original). Contrariwise, the claims against the Citigroup directors involved allegedly failing to recognize the extent of a company's
business risk--as opposed to allegedly failing to ...
17 Nov, 2008 9:31 pm
... for its failure to reasonably supervise the commissions that clients were charged for stock and options trades. Citigroup Global Markets is
Citigroup Inc's brokerage and securities arm. FINRA says that between April 2002 and January 2006, then- ... but is not admitting or
denying the charges. The firm offered to reimburse customers who were affected. Related Web Resources: Citigroup Global Markets Fined $300,000
for Failing to Supervise Commissions Charged to Customers on Stock and Option Trades, ...
8 Mar 8:17 am
... has decided two very important cases arising out of notorious cases of managerial malfeasance or neglect - In re Citigroup Inc
Shareholder Derivative Litigation, decided February 24, and American International Group, Inc. Consolidated ... Delaware Limited Liability Company Act, permits the contract to
eliminate fiduciary duties. Thus, it is more reasonable to interpret Citigroup as holding that, under Wood, the applicable standard of loyalty
or care, whatever that may be, determines demand excuse. In ...
27 Feb 3:46 pm
The Delaware chancery court has decided two very important cases arising out notorious cases of managerial malfeasance or neglect - In re Citigroup Inc Shareholder Derivative Litigation, decided last Tuesday, and American International Group, Inc. Consolidated Derivative
Litigation, decided February 10. ' The bottom line is that Chancellor Chandler dismissed a Caremark bad faith monitoring claim in Citigroup,
but VC ...
23 Jan, 2008 9:22 pm
... original payout more than quadruple to as much as $31 billion after a trial against Citigroup Inc. Enron Creditors Recovery Corp.,
the entity winding up the defunct energy trader ... banks creditors accused of aiding the fraud that wiped out the company. They argue that Citigroup, the only lender that hasn't settled, should pay the rest of the claims, about $18 billion. The amount is more than six times the $2.8 billion
reserve for Enron, WorldCom Inc. and initial public offering-related litigation ...
14 Aug 5:23 am
... entities and/or its employees made misrepresentations or omissions in the context of the sale of auction rate securities (ARS)." In re Citigroup, Inc., Auction Rate Securities (ARS) Marketing Litig. (No. II), ___ F.Supp.2d ___ (Jud.Pan.Mult.Lit. June 10, 2009) [Slip Opn., at 1]. ...
class actions transferred to the Southern District of New York. Id., at 3. Download PDF file of In re Citigroup, Inc., Auction Rate
Securities (ARS) Marketing Litigation (No. II) Transfer Order
13 Oct 11:00 am
Citigroup, Inc. has agreed to pay a $600,000 Financial Industry Regulatory Authority fine to settle claims that its alleged inadequate
supervision of certain derivative transactions between 2002 and 2005 allowed a number of ... paying taxes on dividends. The way this allegedly worked is that during a period of dividend
payments, the customer would sell stock to Citigroup. The bank would pay the client an income equal to the dividend. It would also pay any
share price increase. FINRA is accusing ...
24 Nov, 2008 5:05 pm
... , which has been plagued with lawsuits and government investigations into its financing of bankrupt Enron and ailing WorldCom. In 1998, Citigroup's lobbying helped repeal a federal law that prevented banks from getting into other businesses, allowing the company to acquire ... out who really
needs a bail-out and who doesn't, but with a history like this, why should we believe that Citigroup was OH SO surprised at new financial
problems that they couldn't possibly have foreseen?? And how do we keep ...
11 Sep 5:21 am
... nature of Citigroup's investments and the company's financial condition." In re Citigroup
Inc. Securities Litig., ___ F.Supp.2d ___ (Jud.Pan.Mult.Lit. August 7, 2009) [Slip Opn., at 1]. Specifically, the class action complaints alleged that ... class action lawsuits
and agreed that the Southern District of New York was the appropriate transferee court because Citigroup is headquartered in that federal
district and because nine of the ten class actions "are already pending in the ...
26 Mar, 2008 5:06 am
... were wages and their forfeiture constituted a conversion of wages. Schachter v. Citigroup, Inc., 159 Cal.App.4th 10, 70 Cal.Rptr.3d
... funds were employee wages. Schachter, at 781-82. The question, then, was whether Citigroup failed to promptly pay earned but unpaid wages
at the time of resignation or termination ... erroneous premise he was not in fact paid the money used to purchase the restricted Citigroup
shares" and that it "ignores both the substance and the economic reality of the transaction he ...
4 Sep 1:02 pm
Citigroup Inc. sales assistant Tamara Lanz Moon has been barred from the securities industry by the Financial Industry Regulatory
Authority. Moon is accused of stealing over $850,000 from at least 22 clients who were ... records, forging signatures on letters asking for unauthorized address changes, and taking
part in unauthorized trades while employed with Citigroup Global Markets. She is accused of using the funds to pay for personal expenditures,
such as the remodeling of her residence. She also ...
14 Feb, 2007 10:42 pm
... red umbrella mark and the slogan "You're better off under the umbrella" from Citigroup Inc. The red umbrella, first appearing in a
Travelers advertisement in 1870, became the official trademark ... regarded Travelers brand." In 2002, the Travelers Property Casualty Corporation spun off from Citigroup in 2002, and merged two years later with St. Paul Companies. The red ... . 1,161,313: LINK St. Paul Travelers Press Release: LINK Citigroup Press Release: LINK Bloomberg News Article: LINK U.S. Trademark No ...
5 Aug, 2008 11:59 am
Last Friday, New York Attorney General Andrew Cuomo sent a letter notifying Citigroup Inc. that he plans to file suit against the U.S.
banking giant alleging it used fraudulent tactics to sell auction-rate securities. As Bloomberg News reports in "New ... the auction-rate securities desk were destroyed. In the letter,
Cuomo said: "The investigation has revealed that Citigroup has repeatedly and persistently committed fraud by making material
misrepresentations and omissions in ...
24 Nov, 2008 2:08 pm
From the Wall Street Journal (sub req'd): The federal government agreed Sunday night to rescue Citigroup Inc. by helping to absorb
potentially hundreds of billions of dollars in losses on toxic assets on its balance sheet and injecting ... into financial institutions, federal officials now appear to be willing to
help shoulder bad assets, on a targeted basis, from specific institutions. Citigroup is one of the world's best-known banking brands, with more
than 200 million customer accounts in 106 ...
17 Nov 4:11 am
... Labor Code California Supreme Court Holds Plaintiff, a former stockbroker at Smith Barney (a subsidiary of Citigroup), filed a putative
class action in California state court against ... violations of California's labor laws; specifically, the class action complaint alleged that Citigroup's voluntary employee incentive compensation plan, which permitted employees to obtain ... forfeits any shares of stock that had not yet vested.
Schachter v. Citigroup, Inc., 47 Cal.4th 610 (Cal. 2009) [Slip Opn., at 1 ...
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