Ex-CEO Receives $14M Judgment in Suit Over Pension Payments
A former CEO of a large disability-focused nonprofit has been awarded a $14 million judgment in a suit claiming the organization wrongfully stopped paying out his pension and life insurance benefits.
June 15, 2017 at 05:01 PM
3 minute read
A former CEO of a large disability-focused nonprofit has been awarded a $14 million judgment in a suit claiming the organization wrongfully stopped paying out his pension and life insurance benefits.
Joel Levy has been awarded $11 million in cash payments, based on payouts owed under a pension plan instituted in 1985 by defendant Young Adult Institute, Inc., and $3.2 million in employer life insurance benefits, according to an order by Southern District Judge Paul Oetken.
The cash payments include a $3.4 million lump-sum payout, along with lifetime semi-monthly cash payments, said plaintiffs' lawyer Michael Rakower, of Rakower Law in Manhattan.
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