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Appeals court revisits State Street’s freeze of deferred compensation and wage-act claim
Summary
Appellant argued State Street froze deferred compensation in bad faith during a DOJ-related probe and the delay amounted to a Wage Act violation; State Street said the contract allowed suspension pending investigation and that the plan was not a "wage." The panel pressed parties on contractual rights, timing and whether fact issues remain for a jury.
Appellant counsel Lee Racich told the panel that State Street froze Irene Spyridakos’s deferred compensation two days before a scheduled vesting date in May 2016 and that the company later returned the funds only after the government’s probe concluded—by which time years had passed. Racich argued the freeze was done without a good-faith basis and that the resulting delay and loss of…
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