Gateway Bank FSB properly calculated the retirement benefits of its former CEO after she pleaded guilty to federal charges of conspiracy to commit bank fraud, a federal judge ruled.
The parties disagreed about whether the CEO’s benefits should be calculated solely based on her annual salary of $330,000—which would produce monthly payments of $9,253—or whether they should be nearly double that amount based on a salary of about $620,000. The former CEO, plaintiff Poppi Metaxas, backed the latter calculation because it included the annual premiums Gateway paid for a life insurance policy that funded her supplemental executive retirement plan.
- Judge ...
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