Commerce Bancorp Founder Denied Severance Retrial

Law360, New York (August 1, 2013, 7:59 PM EDT) -- A New Jersey federal judge on Thursday denied Commerce Bancorp LLC's founder a new trial over an unpaid $17.2 million severance, rejecting an argument that he confused the jury by erroneously clarifying the effect of regulatory approval on its verdict.

U.S. District Judge Robert Kugler denied Vernon Hill II's bid for a new trial over his “golden parachute” payment, to which Hill was contractually entitled after Commerce Bancorp's board of directors pushed him out amid an Office of the Comptroller of Currency investigation into real estate...
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