Ex-Commerce CEO Says Confused Jury Flubbed $17M Trial

Law360, New York (July 19, 2013, 10:20 PM EDT) -- Attorneys for ousted Commerce Bancorp LLC founder Vernon Hill II said on Friday that Hill deserves a new trial over an unpaid $17.2 million severance, arguing a New Jersey federal judge’s clarification about whether the payment could be executed within regulatory guidelines confused the jury.

According to a reply brief filed Friday, Hill's attorney said U.S. District Court Judge Robert Kugler misinformed jurors by telling them a verdict for Hill could not supersede Federal Deposit Insurance Corp. requirements for “golden parachute” payments made to an executive...
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