California Court of Appeal

In a dispute concerning plaintiff-former CEO's entitlements arising out of his employment termination, the judgment of the trial court is affirmed in part, reversed in part and remanded where: 1) portion of the trial court's order overturning the review official's award and awarding plaintiff a $14,432,141.74 change in control benefit is reversed as the review official properly followed actuarial principles, methods and assumptions found to be appropriate by the plan actuary; 2) trial court was correct in affirming the decision of the review official to the effect the plaintiff is not, at this time, entitled to any payment with respect to potential excise tax liability; 3) the trial court was correct in affirming the decision of the review official as to the application of prejudgment interest at the federal bank discount rate; 4) the trial court did not err in applying the state statutory postjudgment interest rate, and in applying postjudgment interest from the date of the order that is subject of this fourth appeal; 5) the trial court did not err in providing that payments made pursuant to the order are to be applied first to interest and then to principal; and 6) the trial court did not err in declining to award plaintiff attorney fees and costs as the court did not abuse its discretion in concluding that neither party was the prevailing party at trial.

Appellate Information

• Decided 07/08/2010
• Published 07/08/2010

Judges

• MOORE

Court

• California Court of Appeal

Counsel

• For Appellant:
  
• Richard E. Hodge, Gordon E. Krischer