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SCHACHTER v. CITIGROUP, INC.

No. B168847.

23 Cal.Rptr.3d 920 (2005)

126 Cal.App.4th 726

David B. SCHACHTER, Plaintiff and Appellant, v. CITIGROUP, INC. et al., Defendants and Respondents.

Court of Appeals of California, Second District, Division 7.

Review Denied June 9, 2005.

Attorney(s) appearing for the Case

Law Offices of Ashley D. Posner, Ashley D. Posner and Barbara Brudno, Los Angeles, for Plaintiff and Appellant.

Skadden, Arps, Slate, Meagher & Flom, Raoul D. Kennedy, David Pattiz, Douglas B. Adler, Los Angeles, and Seth M. Schwartz, Walnut Creek, for Defendant and Respondent.

ZELON, J.

In this class action, a stockbroker challenges his former employer's stock purchase plan, which used tax-deferred compensation to purchase restricted company stock for participating employees. If the employee resigned before the stock's vesting period, both the unvested shares and the deferred compensation applied toward their purchase were forfeited. Plaintiff contends the forfeiture provision violates the requirement to pay wages upon resignation (Lab...

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