The former chief executive of Hickory Springs Manufacturing Co. accused the company of failing to pay him the full $5 million he says he’s owed under an executive retirement plan.
The North Carolina furniture company terminated David Colburn’s monthly benefits without explanation one year after his retirement, Colburn said in an April 9 lawsuit. According to Colburn, he was notified of the benefit termination by the company’s general counsel, who wanted a similar retirement package for himself and was “bitter” Colburn didn’t recommend that he get one.
Colburn claims his benefits were terminated in part because the investment Hickory Springs ...
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