|
|
|
|
Smith Barney CAP Plan Litigation Status and Success
A former Smith Barney rep inquired recently about the status and success of challenges to the provision in the Smith Barney Capital Appreciation Plan (CAP) which allows the firm to seize not only the firm's unvested contributions to the plan but also the rep's unvested contributions.
The success has varied state by state and few states to date have weighed in on the issue. For example, a New Jersey court found in favor of the firm, though an appeal is promised. On the other hand, an Illinois court agreed with reps that the CAP plan violated state wage laws. A California court ruled in favor of the firm. A Texas-based lawsuit continues.
Reps who have claims may wish to consult a securities attorney for advice.
Source: On Wall Street
|
About Us
|
News
|
Alerts
|
Articles
|
SNSFE News
|
Calendar
|
Contact
|
Search
Register
|
Free Opinion
Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
investors nationwide in arbitration, litigation and regulatory matters, and a shareholder with the law firm
Shaheen, Novoselsky, Staat, Filipowski & Eccleston
P.C.(www.snsfe-law.com). This Web site contains material
of general interest. It is neither intended to, nor constitutes, either legal advice or investment advice.
Always consult an attorney and/or investment advisor when building and protecting your wealth.
All content Copyright © 2008 Advocate Capital Management, Inc. except where noted. All rights reserved.
20 North Wacker Drive, Suite 2900, Chicago, Illinois 60606
Telephone: 312-621-4400 | Fax: 312-621-0268
|
|
|
|
|
