Arnold & Porter Atty Says Bank Couldn't Certify CEO Payout

Law360, New York (May 14, 2013, 10:47 PM EDT) -- A managing partner at Arnold & Porter LLP told a New Jersey federal jury Tuesday that he never advised Commerce Bancorp to hold $17.2 million in severance pay to Commerce's founder Vernon W. Hill II, saying the payment couldn't be executed without regulatory filings the bank was unable to make.

Richard M. Alexander testified that during his roughly two-year tenure as outside counsel for the defunct Cherry Hill, N.J., bank that was absorbed into TD Bank NA, he attended several board meetings during which a severance...
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