Arthur J. Gallagher to Face Terminated Executive’s Benefits Suit

A former Arthur J. Gallagher & Co. executive advanced his lawsuit saying the company unexpectedly terminated him at age 56 to avoid paying him millions of dollars under its deferred equity plan.

Norbert Chung plausibly alleged that he had positive performance reviews and an unfunded account balance of more than $5.8 million that wouldn’t vest until he turned 62, and that Gallagher terminated him before his benefits vested as part of a cost-cutting program targeting employees with large account balances, Judge Martha Pacold of the US District Court for the Northern District of Illinois said Thursday. This is enough to ...