Banus v. Citigroup Global Markets, Inc.

MEMORANDUM OPINION

LEWIS A. KAPLAN, District Judge.

Plaintiffs all were financial consultants for defendant Citigroup Global Markets, Inc. (“CGMI”), which did business under the Smith Barney name. In connection with their hiring by CGMI, each received what plaintiffs call a “signing bonus”— actually, as plaintiffs acknowledge, “a forgivable loan ... to be forgiven in equal yearly amounts over a term of seven years.” 1 If, however, a plaintiff left CGMI before the note had been fully forgiven, “the unforgiven prorated share of the remaining principle with interest [would be] due and payable…