Ousted Commerce CEO Sues Bank For $50M

Law360, New York (January 16, 2008, 12:00 AM EST) -- Vernon W. Hill II, former chairman and CEO of Commerce Bancorp Inc., has sued the company he founded for $50 million, arguing that it ousted him over the summer on “unsubstantiated allegations.”

The lawsuit, filed Monday in the U.S. District Court for the District of Columbia, claims that the bank owes Hill the money as part of his employment agreement.

It seeks an additional $7.5 million in damages related to work performed by his wife Shirley Hill's design company.

Commerce announced Hill's departure near the end...
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