Local attorneys caution on post-employment pay
Written by Ben Keller, The Business Journal
Ever since the California Supreme Court addressed its first case regarding post-employment compensation in November, local attorneys are impressing upon clients and businesses the importance of detailed employment contracts.
The case, Schacter vs. Citigroup, first took root on March 31, 1996 when stockbroker David Schacter quit his job with Smith Barney, Inc., now a subsidiary of the international financial conglomerate Citigroup.
The relationship would have ended cordially except Schacter left before he satisfied a condition on his employment contract that would have entitled him to cash out company shares he elected to receive as part of a special compensation plan.