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Sixth Circuit Tentatively Rejects Agreement with Acquirer to Cancel Top-Hat Plan Benefits
Winston & Strawn LLP, via Lexology; free registration required June 11, 2013 "After the sale closed, Metaldyne informed the participants that it had invalidated the Plan. The participants filed multiple lawsuits against Heartland and the two Metaldyne board members who were Heartland principals, including this one in Michigan state court.... [T]he court did not decide the merits of the participants' claim that Heartland and two of its principals had tortuously interfered with the plaintiff/participants' contractual relationship. It only decided that the claim was not preempted by ERISA and, therefore, the participants could continue with their state court claims at trial." [Gardner v. Heartland Industrial Partners, LP, No. 11-2327 (6th Cir. May 10, 2013)] |
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