New Jersey's Supreme Court on Wednesday gave its imprimatur to employee stock-purchase compensation plans that carry forfeiture provisions if participants quit before fully vesting. The justices affirmed an appellate court's sustaining of such a plan against charges that it violated the state's wage and hour law. Smith Barney's Capital Accumulation Plan "was entirely voluntary and its terms were fully disclosed" to the two stockbrokers who filed the suit, the court wrote.
June 26, 2008 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
New Jersey’s Supreme Court on Wednesday gave its imprimatur to employee stock-purchase compensation plans that carry forfeiture provisions if participants quit before fully vesting.
The justices, in Rosen et al. v. Smith Barney, A-49-07, affirmed an appellate court’s sustaining of such a plan against charges that it violated the state’s Wage and Hour Law, N.J.S.A. 34:11-4.1 et seq.
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