United States First Circuit

In an action challenging Citigroup's Capital Accumulation Plan, which gives certain employees the option of receiving part of their compensation as Citigroup stock, awarded at a discounted rate, dismissal and summary judgment rulings against plaintiffs are affirmed where certain forfeiture provisions at issue were unambiguous, and thereby enforceable.

Appellate Information

• Decided 07/24/2008
• Published 07/24/2008

Judges

• LIPEZ, Circuit Judge., Before LIPEZ and HOWARD, Circuit Judges, and GELPÍ, District Judge.

Court

• United States First Circuit

Counsel

• For Appellant:
  
• Bruce H. Nagel with whom Nagel Rice, LLP was on brief, for appellants.


• For Appellees:
  
• Preeta D. Bansal with whom Thomas J. Dougherty, David S. Clancy, Kara E. Fay, William P. Frank, Sarah E. McCallum, and Skadden, Arps, Slate, Meagher & Flom, LLP were on brief, for appellees.