What is the name of your state? Ohio
In October I was laid off from a very large international finance company. I had been with the company for three years, I received a months notice and a very nice sevrence package since this was a mass layoff and had nothing to do with my performance. While employed there I joined a sharesave stock option plan in which I had a certin amount taken out of each check to go into a savings account for three years. At the end of the term I would have the option to buy the stock at a disconted price that was set at the begining.
Over a month after I left the company I received a letter with my different options, I could get a lump sum refund, apply my balace to exercise my shares, or remit a lump sum of $156 and apply it to my balance and exercise my shares. According to the letter I had until 4/30/08 to exercise my options, but would need to have the paperwork and check in by 4/15/08. Due to tight finances I had to wait until I got my tax refund to be able to send in the check. I sent it in along with the paperwork on 3/18. On 04/07 I called the company to see why my check hadn't been cashed and if they recieved it. According to them my option was up on 03/01 and since I was too late my check had been mailed back and I would just receive the lump sum and no stock options. I reread my letter to them that said I had until 04/30, they told me that after they sent that letter the IRS changed the policy and it had to be done by 03/01. They said they made a mistake and forgot to inform me of the change but since this is the IRS there is nothing they can do about it.
I just want to know if leaglly I have any rights. Can they leaglly forget to inform me and rob me of the $6500 that my stock would be worth right now? I know that's not a lot of money, but it could have really helped me out of a hard time.What is the name of your state?
In October I was laid off from a very large international finance company. I had been with the company for three years, I received a months notice and a very nice sevrence package since this was a mass layoff and had nothing to do with my performance. While employed there I joined a sharesave stock option plan in which I had a certin amount taken out of each check to go into a savings account for three years. At the end of the term I would have the option to buy the stock at a disconted price that was set at the begining.
Over a month after I left the company I received a letter with my different options, I could get a lump sum refund, apply my balace to exercise my shares, or remit a lump sum of $156 and apply it to my balance and exercise my shares. According to the letter I had until 4/30/08 to exercise my options, but would need to have the paperwork and check in by 4/15/08. Due to tight finances I had to wait until I got my tax refund to be able to send in the check. I sent it in along with the paperwork on 3/18. On 04/07 I called the company to see why my check hadn't been cashed and if they recieved it. According to them my option was up on 03/01 and since I was too late my check had been mailed back and I would just receive the lump sum and no stock options. I reread my letter to them that said I had until 04/30, they told me that after they sent that letter the IRS changed the policy and it had to be done by 03/01. They said they made a mistake and forgot to inform me of the change but since this is the IRS there is nothing they can do about it.
I just want to know if leaglly I have any rights. Can they leaglly forget to inform me and rob me of the $6500 that my stock would be worth right now? I know that's not a lot of money, but it could have really helped me out of a hard time.What is the name of your state?