Former GreyOrange Exec’s Bonus Suit Axed on Jurisdiction Grounds

A former senior vice president for GreyOrange Inc. lost his lawsuit seeking more than $1 million in bonus payments, when a federal judge on Monday blocked the case from moving forward under federal benefits law.

The GreyOrange plan allowing select employees to purchase stock in the company isn’t an employee stock ownership plan or other type of plan governed by the federal Employee Retirement Income Security Act, Judge J.P. Boulee held. The plan functions as a stock option plan aimed at rewarding performance and attracting talent, and there’s no indication that it allows for the systemic deferral of income until ...