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Home / Opinion Digests / Employment Law / Bank Says TARP Prohibits Severance for Ex-CEO (access required)

Bank Says TARP Prohibits Severance for Ex-CEO (access required)

Plaintiff banks may not use a federal declaratory judgment action to avoid paying a former executive a Severance Allowance, which they say is not owed under his Employment Agreement amended to conform to TARP regulations prohibiting “golden parachute” payments; the Norfolk U.S. District Court says the mere fact that TARP is implicated in the case ...