Smith Barney

Thousands of current and former brokers filed a class action lawsuit against the brokerage unit alleging unpaid overtime and reimbursements. The lawsuit claimed brokers should not be exempt from state and federal overtime laws as salaried employees because they are not salaried but receive incentive based compensation, such as commissions. Citigroup's proposed nationwide $98 million class action settlement will be awarded to approximately 11,000 full time equivalent employees at Smith Barney. (May-24-06) [MARKET WATCH]

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