Refusal to pay pension benefits: Violation of pension plan: Postverdict settlement

Law Reporter, Apr 2000

Pyron v. Banque Francaise du Commerce Exterieur, N.Y., New York County Sup. Ct., No. 23766/92, Dec. 20,1999.

Pyron, a bank vice president, reached the age of retirement specified in a supplemental pension plan and demanded payment from the bank. The bank refused, contending that the plan required Pyron to work at the bank until age 60 and he had waived his rights to the pension by signing a release when he left the bank at age 53.

Pyron sued the bank, alleging it violated the terms of the pension plan by not making payments. Pyron also argued he did not waive the pension benefits by signing a release.

The jury returned a verdict in plaintiff's favor on liability only. Specifically, the jury found that (1) defendant had violated the terms of the supplemental pension plan by not making payments and (2) the release signed by plaintiff did not waive the pension benefits.

The parties later settled for $250,000. Plaintiff's Counsel

Marc A. Stadtmauer, New York, N.Y.

Documents in this case are available through the Court Documents section in the back of this issue, courtesy of Mr. Stadtmauer.