Ex-Commerce Bank Director Tells Jury He Sped CEO's Ouster
By Joshua Alston
Law360, New York (May 16, 2013, 9:25 PM EDT) -- A former director of Commerce Bancorp said in New Jersey federal court on Thursday that his refusal to sign a settlement with federal regulators over real estate deals hastened the ouster of Commerce founder Vernon W. Hill II, as a jury mulls awarding Hill a $17.2 million severance payment.
George Norcross III, executive chairman of insurance firm Conner Strong & Buckelew Co. Inc., detailed his role in the period leading to Hill’s departure from Commerce, prior to its acquisition by TD Banknorth of Canada. Norcross, who...