Howmet Battle Over Axed Executive Retirement Plan Stays in Court

A lawsuit over Howmet Aerospace Inc.'s decision to terminate an executive compensation plan sponsored by a predecessor company will stay in court after a Michigan federal judge said the dispute arose after the plan’s arbitration clause expired.

The defendants, two former Pechiney Corp. executives and the estate of a deceased executive, received and cashed checks from Howmet after it terminated the plan and distributed benefits, the US District Court for the Western District of Michigan said Tuesday. As a result, their residual dispute over other benefits that may be owed is based principally on facts and events that transpired after ...