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Third Circuit Reverses 'Vesting by Contract' Decision
Health Plan Law 
Oct. 24, 2006
Excerpt: In this dispute over severance benefits, the plaintiffs claimed entitlement to benefits under the terms of a summary plan description ... that Mobil distributed to employees following the announcement of the merger with Exxon. The district court granted summary judgment in favor of Exxon Mobil on the fiduciary duty, equitable estoppel and procedural and reporting claims, but determined that the Initial SPD established a unilateral contract[.]
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