Bayer Wants $2M Back From Ex-CEO In ERISA Spat

Law360, New York (May 13, 2009, 12:00 AM EDT) -- In an Employee Retirement Income Security Act suit lodged against Bayer Corp. by the former CEO and chairman of its Sterling Winthrop Inc. unit, Bayer has filed counterclaims alleging that it cut his retirement benefits by $70,000 a month to recoup $2.1 million in mistaken overpayments because the chairman made no attempt to repay them.

In a counterclaim filed Tuesday in the U.S. District Court for the District of Colorado, Bayer alleges that Louis P. Mattis was contacted about returning the overpayments but never responded to...
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