California Decision May Affect How Companies Keep Track of Former Employees


A recent decision by the California Sixth Appellate District may cause employers that provide employee stock purchase plans to take a stronger interest in the various databases maintained throughout the company. In Vondjidis v. Hewlett Packard Corp., the Court determined that Hewlett Packard ("HP") is not immune from suit by a former employee for a transfer of stock by HP to the State under California's rule for the transfer of unclaimed property. Vondjidis v. Hewlett Packard Corp., Cal. App. H030806, Santa Clara Super Ct. No. CV815388 (11/25/08).

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