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NIKITOVICH v. O'NEAL

40 A.D.3d 300 (2007)

836 N.Y.S.2d 34

GEORGE P. NIKITOVICH, Appellant, v. STANLEY O'NEAL, as President of MERRILL LYNCH & CO., et al., Respondents.

Appellate Division of the Supreme Court of the State of New York, First Department.

Decided May 8, 2007.

The unambiguous terms of defendant Merrill Lynch's Financial Advisor Capital Award Accumulation Plan (FACAAP) provided Merrill Lynch with sole discretion to forfeit FACAAP awards when an employee was terminated for misconduct. An employee has no enforceable right to compensation under a discretionary compensation or bonus plan and, accordingly, a forfeiture of such compensation does not occasion a cause of action for breach of the implied covenant of good faith and fair dealing...

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