Mechanics Bank must pay at least $1.3 million in supplemental executive retirement benefits to its former president and chief executive officer (Buster v. Comp. Comm. of Bd. of Dirs. of Mechs. Bank, 2017 BL 246399, N.D. Cal., No. 3:16-cv-01146-WHA, 7/14/17).
The bank and its compensation committee abused their discretion in denying Steven K. Buster’s claim for benefits, Judge William Alsup of the U.S. District Court for the Northern District of California held July 14. Buster never knowingly and voluntarily waived his entitlement to accrued supplemental executive retirement benefits, notwithstanding his signing of the retirement agreement and release in ...
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