New York, New York (PRWEB) April 02, 2013
Zamansky & Associates LLC notifies all former employees of United Technologies Corp. (“United Technologies” or the “Company”) that a lawsuit was filed by a former employee over United Technologies’ cancellation of vested stock under the Employee Scholar Program/ Restricted Stock Unit Plan (“ESP Plan”). The ESP is described on United Technologies' website.
On March 26, 2013, Bloomberg Businessweek reported that a lawsuit was filed by a former employee against United Technologies. The case is Richard A. Grisafi v. United Technologies Corp., et al., filed on March 25, 2012, in the United States District Court, District of New Jersey, Case No. 13-cv-1800.
The plaintiff alleges in his Complaint that he was hired by United Technologies in July 2007, and employed as an engineer through August 2012. During his employment, he alleges that he participated in the ESP Plan which awarded him stock grants for obtaining a postgraduate degree. He alleges that in August 2012, he was terminated without cause in a reduction in force, but that his stock awards under the ESP Plan were canceled.
He further alleges in his Complaint that United Technologies’ cancellation of his stock was wrongful because it had vested one year after he had obtained his degree. He also alleges that UBS Financial Services, the ESP Plan administrator, is also liable for the stock cancellation. The legal claims asserted in the Complaint are for violation of the Employee Retirement Income Security Act of 1974, breach of fiduciary duty and contract, unjust enrichment, equitable estoppel and misappropriation/ conversion.
“If these allegations are proven true, then United Technologies' actions were not only wrong, they were egregious,” according to Jake Zamansky. Zamansky believes that if it loses the lawsuit, United Technologies would liable for restoring the value of the plaintiff's stock that was canceled, plus liable for any additional damages including costs and attorneys’ fees. Going to school while maintaining a full-time job is very difficult, and employees should be strongly encouraged to improve their skills and not punished for doing so, Zamansky contends.
What Former United Technologies’ Employees Can Do
If you are a former United Technologies’ employee who participated in the ESP Plan and would like to discuss your legal rights, you may, without obligation or cost to you, email jake(at)zamansky(dot)com or call the law firm at (212) 742-1414.
About Zamansky & Associates LLC
Zamansky & Associates LLC is one of the leading law firms specializing in securities fraud and financial services arbitration and class action litigation. We represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover losses.
To learn more about Zamansky, please visit our website, http://www.zamansky.com.
Zamansky & Associates, LLC
50 Broadway - 32nd Floor
New York, NY 10004
Jake Zamansky, 212-742-1414