Severance Pay

Former Bank Executive Prevails in Suit Regarding Severance Payment

Posted on December 12, 2014

Last month, Judge Poston of Norfolk Circuit Court ruled that the former President of Shore Bank and Executive Vice President of Operations for Hampton Roads Bankshares, was entitled to $655,495.43 in severance pay, plus interest, despite the defendants’ arguments that they were prohibited from making this type of golden parachute payment as a recipient of Troubled Asset Relief Program (“TARP”) funds and that Shore Bank did not owe Harvard the severance because his base salary was paid by a holding company previously created by Shore Bank. The court further awarded the plaintiff attorneys’ fees in the amount of $155,000.…

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