Commerce Bank Founder Wants New Trial On $17M Severance

Law360, New York (June 18, 2013, 5:55 PM EDT) -- Commerce Bancorp LLC founder Vernon Hill II asked a New Jersey federal judge Monday for a new trial over a $17.2 million severance payment he sought after an investigation into real estate dealings led to his resignation, saying a jury instruction made jurors believe the payment was legally prohibited.

Hill, whose employment contract was severed in 2007, says that when jurors asked the court if federal regulators would need to approve any award Hill received, the court prejudiced them by saying Hill would need the approval....
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