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SCHACHTER v. CITIGROUP, INC.

No. S161385.

47 Cal.4th 610 (2009)

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

Supreme Court of California.

November 2, 2009.

Attorney(s) appearing for the Case

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

Skadden, Arps, Slate, Meagher & Flom, Raoul D. Kennedy, Joren S. Bass, Joan Shreffler, Douglas B. Adler, Seth M. Schwartz, Jeffrey W. McKenna, William P. Frank, Preeta D. Bansal and Sarah E. McCallum for Defendants and Respondents.

Ira Hammerman, Kevin Carroll; Morgan, Lewis & Bockius, Sam S. Shaulson, Thomas M. Peterson, Carrie A. Gonell; National Chamber Litigation Center, Inc., Robin S. Conrad and Shane B. Kawka for Chamber of Commerce of the United States of America and Securities Industry and Financial Markets Association as Amici Curiae on behalf of Defendants and Respondents.

OPINION

MORENO, J.—

Citigroup, Inc., offered a voluntary employee incentive compensation plan that provides employees with shares of restricted company stock at a reduced price in lieu of a portion of that employee's annual cash compensation. Employees agree that, should they resign or be terminated for cause before their restricted shares of stock vest, they would forfeit the stock and the portion of cash compensation they directed be...

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