Ousted Commerce Bank Founder Tries Again for Payout
The southern New Jersey businessman who founded Commerce Bank is seeking a new trial on his claim he was owed a golden parachute when ousted in 2007.
Banker Vernon Hill of Moorestown filed papers Monday in federal court in Camden. According to the Courier-Post newspaper, Hill is arguing that a federal judge mishandled a question from the jury that considered his 2008 request for a $17.2 million payout from Commerce.
The jury found it was legally impossible for Commerce to pay a severance package to Hill under a consent order reached with federal regulators.
Hill started Commerce with a single bank in Evesham. He built the company into a regional banking powerhouse with more than 400 branches.
Commerce has since been acquired by TD Bank.
Copyright 2013 The Associated Press.