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Williams v. Interpublic Severance Pay Plan

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ARGUED APRIL 2, 2008

Before EASTERBROOK, Chief Judge, and BAUER and EVANS, Circuit Judges.

A golden-parachute clause in a severance plan offers executives benefits if they resign following a change of control, unless the new owner offers the executive a “comparable” position at the same salary or higher. Mark Williams, paid $167,000 as “Senior Vice President, Account Management and Development” at the Chicago office of Campbell Mithun, an advertising agency, was offered a position as “Senior Vice President, Account Management” at a salary of $169,000 after GreenHouse Communications bought Campbell Mithun’s Chicago office. Williams spurned the offer, quit, and demanded benefits from the Interpublic Severance Pay Plan. (The Interpublic Group is Campbell Mithun’s parent.) The Plan turned him down, and the district court granted summary judgment in its favor in this suit under the Employee Retirement Income Security Act (ERISA). 2007 U.S. Dist. LEXIS 57368 (N.D. Ill. Aug. 7, 2008).

 
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