Commerce Bank Founder Wants New Trial On $17M Severance

Law360, New York (June 18, 2013, 5:55 PM EDT) -- Commerce Bancorp LLC founder Vernon Hill II asked a New Jersey federal judge Monday for a new trial over a $17.2 million severance payment he sought after an investigation into real estate dealings led to his resignation, saying a jury instruction made jurors believe the payment was legally prohibited.

Hill, whose employment contract was severed in 2007, says that when jurors asked the court if federal regulators would need to approve any award Hill received, the court prejudiced them by saying Hill would need the approval....
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

HILL et al v. DIFLORIO et al


Case Number

1:09-cv-03685

Court

New Jersey

Nature of Suit

Civil Rights: Other

Judge

Robert B. Kugler

Date Filed

July 27, 2009

Law Firms

Companies

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.