Commerce Bancorp Can't Escape Ex-CEO's Contract Suit

Law360, New York (March 1, 2012, 5:27 PM EST) -- A New Jersey federal judge on Thursday kept alive a suit brought by the former chairman and CEO of Commerce Bancorp Inc. alleging he wasn't paid over $11 million in severance after being ousted in 2007, ruling his contract claims should be heard by a jury.

U.S. District Judge Robert B. Kugler denied a summary judgment motion by Commerce Bancorp seeking to dismiss Vernon W. Hill II's breach of contract and implied covenant of good faith and fair dealing state law claims, as well as his...
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