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Stark & Stark Shareholder Comments on Citigroup's Motion To Dismiss In Bonus Pay Class Action

By Stark & Stark

Thomas B. Lewis, Shareholder and Chair of Stark & Stark's Employment Group, was quoted in the January 14, 2010 RegisteredRep.com article, Citi Files Motion To Dismiss In Bonus Pay Class Action. The article discusses Citigroup's recent decision to file a motion to dismiss a class action lawsuit filed against the firm over the terms of its financial advisor bonus pay agreements. The motion was filed with the U.S. District Court for the Southern District of New York this past Monday, January 11, 2010.

Mr. Lewis states that there is a good chance that the court will dismiss the complaint, and goes on to say, 'realistically it's an issue that's subject to FINRA's jurisdiction. The plaintiffs tried to get out of the FINRA arbitration by getting class action status for the case. But courts are reluctant to get involved if there is FINRA jurisdiction.'

You can read the full article online here. (PDF)

Full post as published by New Jersey Law Blog on January 15, 2010 (boomark / email).