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Case ID: 2613 | Employment | 11/17/2004
Several class actions have been filed against Citigroup, Inc. and its subsidiaries on behalf of former employees who allege that, from 1989 to the present, the companies induced them to buy Citigroup stock and then made them forfeit it when they left the company's employment, in violation of federal securities laws. The action seeks a return of the employees' earned compensation that they were allegedly forced to forfeit when they left the company.
The action alleges that the Citigroup subsidiaries induced their employees to purchase Capital Appreciation Plan Stock--restricted stock in the parent company--and then forfeited this stock when they left the company's employment. Allegedly, no restricted stock was actually ever issued, and the employees received nothing but a book entry until the time after which the restrictions were supposed to be lifted. Most of the federal class actions have been consolidated in a Massachusetts federal court (docket 00-CV-11912). Another federal class action was filed in Montana federal court in July 2003 (docket 03-CV-116). In November 2002 the Massachusetts court certified a class of former New York employees. The class is defined as "all persons who terminated their employment with defendants or defendants' wholly owned subsidiaries in New York during the period from February I, 1996, to the date of judgment and as a consequence forfeited a portion of their compensation, pursuant to the terms of defendants' Capital Accumulation Plan." At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Employment Cases of Interest A class action lawsuit has been filed in the Western District Court of New York against Niagara Frontier Transportation Authority (NFTA) for violations of the Fair Labor Standards Act (FLSA) which establishes minimum wage, overtime pay, recordkeeping, and child labor standards affecting full-time and part-time workers in the private sector and in Federal, State, and local governments. Class members seek a declaratory judgment, unpaid overtime, damages, attorney's fees and costs of the litigation. A class action lawsuit has been filed in U.S. District Court for the Southern District of Florida against Florida Auto Services of the Palm Beaches, Inc. The case involves violations of Federal Labor law. No additional information about the substance of the allegations is available at this time. Classactionamerica.com will monitor this case and provide additional details as soon as they become available. Music retailer Guitar Center Inc. has reached a preliminary agreement to settle two purported class action lawsuits filed by hourly store employees in California. The suits alleged, among other things, that the company improperly documented and enforced break-time and lunchtime periods for the workers. A class action lawsuit has been filed in the Chancery Division of Cook County (Chicago) Superior Court against Illinois based retailer Sears Roebuck & Co. The case was brought by the Central Laborers Pension Fund and may involve the company’s benefit plans. No additional information about the substance of the allegations is available at this time. Classactionamerica.com will monitor this case and provide additional details as soon as they become available. A class action lawsuit has been filed against the largest poultry producer alleging managers at its Russellville processing plant knowingly hired illegal workers. State Farm Insurance Company claims adjusters stand to gain about $135 million under a class action settlement approved January 17, 2005 by Los Angeles Superior Court Judge Anthony Mohr, an attorney for the plaintiffs said. The statewide class of adjusters sued for unpaid overtime. Plaintiffs attorneys said many adjusters will be receiving back payments in excess of $50,000. |
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