Split 3rd Circuit Affirms Severance Denial After Employees’ Job Transfer

(January 8, 2016, 8:41 AM EST) -- PHILADELPHIA — A decision by a management committee of pharmaceutical giant Pfizer Inc. that three former employees are not entitled to severance pay under an Employee Retirement Income Security Act plan because they were never terminated but rather were transferred to a successor company was reasonable and was not arbitrary or capricious, despite a conflict of interest for several committee members, the Third Circuit U.S. Court of Appeals held Jan. 6 in a divided ruling (Robin Feeko, et al. v. Pfizer Inc., et al., No. 14-4752,...
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