October 16, 2008 – Crosby & Higgins LLP Successfully Resolves Severance and Equity Redemption Claims for Former Chief Executive Officer
October 16, 2008
Crosby & Higgins LLP has successfully resolved substantial employment claims brought in New York State Supreme Court against a major U.S. corporation on behalf of the company’s former Chief Executive Officer. The Complaint, filed earlier this year, alleged claims for breach of contract arising out of the failure of the company to make certain severance and stock equity redemption payments to the former executive as required by the parties’ employment and separation agreement. Crosby & Higgins LLP commenced the action and also sued the parent corporation as guarantor of the payment obligations after the subsidiary corporation filed for bankruptcy. As part of the terms of the settlement, the guarantor agreed to make all of the payments required under the employment and separation agreement.