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Home / Opinion Digests / TARP Limit on Exec Severance is ‘Taking’ (access required)

TARP Limit on Exec Severance is ‘Taking’ (access required)

A former bank president is not barred from suing for severance pay under his 2008 contract by federal regulation restricting “golden parachute” payments to top executives of banks that accepted TARP financial assistance, as did defendant banks; the Norfolk Circuit Court says application of the Treasury rule to plaintiff’s severance compensation constitutes a Fifth Amendment ...

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