Canadian Rail Exec Sued Over Terms Of $40M Parachute

Law360, New York (January 24, 2012, 6:04 PM EST) -- Canadian National Railway Co. asked an Illinois federal court Monday for permission to stop paying $40 million in retirement benefits to its former CEO, E. Hunter Harrison, if he were to take a job with rival Canadian Pacific Railway Ltd.

Harrison has been promoted for the CEO position at Canadian Pacific by activist investor Bill Ackman, CEO of Pershing Square Capital Management LP, but Canadian National claims that if Harrison took the job, he would violate a noncompete and nondisclosure agreement he signed when he left...
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